Economic Systems
Storyboard Text
- How dare you tell me this? I can't believe it! In what have I been wasting my money?
- oh! father I still don't get the meaning and the differences of the types of economic systems.....
- I am so upset with your sister she does not know the types of economic systems!
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- What is happening here? well it isn't a big deal I can teach her overall.... I have studied this topic before
- Good morning sister...You look confuse. Okay no problem you won't be confuse anymore. I am here to help you out so first we will start with traditional economic system
- Yes I am confused big sister but before you continue asking me questions would you like to teach me about the Traditional Economic System
- Traditional System is the system that mostly deals with farming, herding,gathering and hunting.there goal is to pass this from generation to generationAdvantage - there is a strong social workDisadvantage-this type of society is very low to change
- Next we continue with the command/planned economic system is when the government makes all decisions.Advantagethere is a equal distributions of goods and services since the government how goods should be distributedDisadvantagelack of competition it reduces innovation and and motivation to produce quality out-put
- wow! This is interesting
- Market economic system is the system that government does not have much access to this economic system.Mixed economic system is the system the combinations of economic systems.Advantage of free marketcompetitions between among business will increase and there will be lower prices. disadvantage of free marketthere is much pollutionadvantage of mixedconsumer protection through the regulation of businessdisadvantage of mixed can suffer similar downfalls found in other economies.
- wow! I have learn a lot thanks big sister. Dad is going to be happy now can't wait to reach home!
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