Economic Comic
Storyboard Text
- Today I am going to travel the world and check out all of the different types of economy. I am very excited.
- Market Economy
- First, before I leave, I want to see the economy in America. Market Economy is an economy where all resources are owned and controlled by the people of the country. This means businesses get to decide how to produce and sell all of their products. Very cool.
- Command Economy
- The price of this basketball should be $10.
- First stop in the trip is North Korea. Their economy is called a Command Economy. In a Command Economy, all resources are owned and controlled by the government, opposite of Market Economy. The government also controls the prices of all products.
- We should make all of these shirts red and sell them for $100.
- Mixed Economy
- Next stop, Canada. Their economy is called a Mixed Economy, which is a combination of Market and Command economies. A good example of this is a restaurant because the restaurant controls all of their products and the prices but the government has restrictions on how they can serve it.
- Traditional Economy
- Next stop in our trip, Brazil! Brazil's economy is a Traditional Economy. In a Traditional Economy, all products are made the same way they always have been. Traditional Economy is more focused on survival then profit.
- I finally made it home, what an amazing trip. I had a lot of fun learning all about the different types of economies.
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