Hi I am Barack Obama and today I am here to answer your question on the 4 types of economy. You guys ready?
You bet!
Yeah!
Alright, we are in the questions room so ask any questions about economy you want to ask, both go at the same time.
What is Command Economy?
What is Market Economy?
Well to answer your question:-Command Economy is when resources are owned and controlled by the government. An example is the country Cuba, the economy is Command because their leader controls everything they do-Market Economy is when resources are owned and controlled by the people of the country. An example is ourselves, the U.S.A
Thanks Mr. Obama!
Now that my second set of questionnaires are up what are your economic questions?
What is Traditional Economy?
What is Mixed Economy?
Thanks Mr. President
Well if you really wanna know:-Traditional Economy is when goods and services are produced the way it has always been. An example is Ethiopia, this economy is really only used in poor countries.-Mixed Economy is combined elements of command and market economies. An example is China, they use this economy and they thrive in the economic world.
Very appreciated Obama!
Man Michelle is always doing this...
Man what a day at the office I finally get my nap i have deserved.
Oh no you don't you still have president jobs to do
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