Over the course of the next 4 days, I will be visiting 4 different countries with 4 different types of economy, and explaining each of them to you! Off we go!
Mixed Economy
Here we are, in Cuba! This is an example of something called a COMMAND ECONOMY. This type of economy is completely controlled by the government.
Traditional Economy
Here we are, in England! This is an example of something called a MARKET ECONOMY. This kind of economy is completely controlled by the people, so they make the decisions as needed/wanted by themselves. (There are no examples of pure Market Economies, but England is mostly a Market-based-economy.)
Home at last!
Here we are, in The United States! This is an example of something called a MIXED ECONOMY. This type of economy is partially controlled by the people, and partially controlled by the government.
Here we are, in Haiti! This is an example of something called a TRADITIONAL ECONOMY. This type of economy functions the same way as it traditionally always has, usually in lower functioning countries.
Back home! That was such an exciting trip! I hope you learned something about all 4 different types of economies.
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