Types of Economies
Storyboard Text
- Traditional Economy
- My farm is part of a traditional economy.
- What is a traditional economy?
- Traditional economy is one of the original types of economy, this is always based on ___________________________________________, hunting and gathering.
- Traditional economy
- I bet the advantages are great for a traditional economy!
- That's cool! Do you sell your food to each other?
- Traditional Economy
- Technically, no. We use a __________________________ system. Where were trade goods and services with each other instead of using money.
- Mixed Economy
- An economy in which there is a blend of economic systems, both the government and private sectors determine what to produce. Mixed economies bring forth extreme economic growth in countries that practice it.
- Command Economy
- A command economy is where a central government makes all economic and trade decisions, all commerce is controlled by the government. Usually takes place in communist nations. The disadvantages include low levels of inequality and unemployment in society.
- A market economy is a system in which economic decisions and the pricing of goods and services are made by the producers and buyers. It is the basis of a capitalist economy, also known as a free market. The government does not interfere in this economy(laissez faire).
- Market Economy
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