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- 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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