Economy By: Sarra Wildermuth Mrs. Unangst Block 5
What is economy? Economy: a system of making, distributing, and buying goods and services in a society • There are three types of economy, and they are • Traditional • Command • Market
What is Traditional Economy? • Traditional Economy: The oldest economic system, bartering and trade is done in small groups
When Traditional Economy was used in 2008 Although traditional economy has almost become extinct, underdeveloped parts of South America, Africa and Asia atill use this type of Economy.
What is command Economy? • Command Economy: All the decisions and distribution done by the government. Communism and socialism are examples of a Command Economy
When Command Economy was used in 2008 Countries that still use this type of economy include: Cuba, Libya, Saudi Arabia, Iran, North Korea, and Burma.
What is Market Economy? • Market Economy: based on supply and demand, anyone with enough capitol can start a business and make a prophet
When market economy was used in 2008 The most known type of market economy is in the United States Of America.