3 Types of Economies
3 Types of Economies
Name
How
does it
work?
Where
Who
is it
is in
found
in
charge?
the
world?
SUPPLY AND DEMAND
1988 Nintendo
PlayStation 3
Playstation
X-Box
Xbox 360
Gameboy DS Lite
Wii
X-Box prices
 US$299 (November 15, 2001,
($449)
 US$199 (May 15, 2002) ($299)
 US$179 (May 14, 2003) ($249)
 US$149 (March 29, 2004) ($199)
3 Types of Economies
3 Types of Economies
Name
How
does it
work?
Where
Who
is it
is in
found
in
charge?
the
world?
3 Types of Economies
Name
Traditional
Economy
How
does it
work?
Who’s
Where is it
in
found in
charge? the world?
Name
How does it
work?
Traditional
Economy
Barter
System
Who’s in Where is it
charge? found in
the world?
3 Types of Economies
Who’s in
charge?
Name
How does
it work?
Traditional
Economy
Barter People
System
Where is it
found in
the world?
3 Types of Economies
Name
Traditional
Economy
How
Who’s in Where is it found in
does it charge? the world?
work?
Barter
People
System
Under
developed
countries
Name
How does Who’s in
it work? charge?
Where is it
found in
the world?
Traditional
economy
Barter
System
Under
developed
countries
Market
Economy
People
Name
How does Who’s in
it work?
charge?
Where is it
found in
the world?
Traditional
economy
Barter
System
Under
developed
countries
Market
Economy
Capitalism
Free Enterprise
People
Name
How does it work?
Who’s in
charge?
Where is it
found in the
world?
Traditional
Barter System
People
Under
developed
countries
Market
Money to buy
things. Prices
set by supply
and demand
Economy
Name
How does it work?
Who’s in
charge?
Where is it
found in the
world?
Traditional
Barter System
People
Under
developed
countries
Market
Money to buy
things. Prices
set by supply
and demand.
People
Economy
Name
How does it work?
Who’s in
charge?
Where is it
found in the
world?
Traditional
Barter System
People
Under
developed
countries
Market
Money to buy People
things. Prices
set by supply
and demand.
Economy
United
States,
Great
Britain
Who’s in
charge?
Name
How does it
work?
Traditional
Barter System People
Under developed
countries
Market
Money to
People
buy things.
Prices set
by supply
and
demand.
United
States, Great
Britain
Command
Economy
Where is it
found in the
world?
Name
How does it work?
Who’s in
charge?
Where is it
found in the
world?
Traditional
Barter System
People
Under
developed
countries
Market
Money to buy things. Prices
set by supply and demand.
People
United
States, Great
Britain
Command
Government
sets the prices
and wages of
workers.
Who’s in charge?
Name
How does it
work?
Traditional
Barter System People
Under
developed
countries
Market
Money to
People
buy things.
Prices set
by supply
and
demand.
United
States,
Great
Britain
Command
Government
sets the prices
and wages of
workers.
Government
Where is it
found in
the world?
Name
How does it
work?
Who’s in
charge?
Where is it found in the
world?
Traditional
Barter System
People
Under developed countries
Market
Money to buy
things. Prices
set by supply
and demand.
People
United States, Great Britain
Command
Government
sets the prices
and wages of
workers.
Government
Former
USSR,
Communist
Governments
Economics Song
 Sung to the Tune of Hey Hey Hey
Goodbye
 Written by Burton Garrington,
Kalondria Harper, Alyssa Hopkins,
Montana Lee, Sydney Leibfritz,
Dakota McGee, Daniel Sasser, Alli
Stalker, Kevin Nguyen, Mark Pruitt
 We have got to learn about all types
of economies.
 In traditional people trade with no-oooo money.
 But in marketing, private owners use
supply and demand.
 With Command, all decisions are
made by the government.
 Na Na Na Na, Na Na Na Na, Hey Hey
Hey, economies