INTRODUCTION TO ECONOMICS PROJECT
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BY AUSTIN FELIX
Storyboard Text
- Introduction to EconomicsBy: Austin Felix
- Hello there today we will be learning about the four types of economy's
- Free Enterprise economy also known as free market or capitalism, is an economic system driven by supply and demand. Private businesses and consumers control the marketplace with little to no interference from the government.The United States, generally speaking, is a good example of a free-market economy. Individuals are allowed to start businesses, buy and sell goods at prices set by the market, and sell their own labor with relatively few regulations or barriers to economic activity.
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- A Traditional economy system in which tradition's, customs and beliefs help shape the goods and services the economy produce. Societies with traditional economies depend on agriculture, hunting, fishing, gathering. Most traditional economies operate in emerching markets and developing contries
- Communism is an economic system where the group owns the factors of production. In countries, the government represents the group. The means of the factors of production are labor, entrepreneurship, capital goods, and natural resources.
- Socialist system, where goods and services are produced to generate profit (and therefore indirectly for use).economic is a system of production where goods and services are produced directly for use, in contrast to a capitalist socialist economy North Korea—the world's most totalitarian state—is another prominent example of a socialist economy. Like Cuba, North Korea has an almost entirely state-controlled economy, with similar social programs to those of Cuba. There is no stock exchange in North Korea either.
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