The four types of economies
Traditional economic system
Jarawa tribe of the Andaman Islands
Command economy
Market Economy is a system where the laws of supply and demand direct the production of goods and services.
The invisible hand of market
Examples of market economy
Mixed economy is a system that combines characteristics of market and command economies.
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Four types of econmic systems

1. The four types of economies

2. Traditional economic system

Agriculture, farming, hunting
Barter system

3.

4. Jarawa tribe of the Andaman Islands

5. Command economy

Laws of demand
and supply
Competition
The needs of
the societies

6.

7.

North Korea
Cuba

8. Market Economy is a system where the laws of supply and demand direct the production of goods and services.

IS A SYSTEM WHERE THE LAWS
OF SUPPLY AND DEMAND DIRECT THE PRODUCTION OF GOODS AND SERVICES.
A free flaw of ideas —>
innovation
Laws of demand and
supply
Competition

9. The invisible hand of market

10. Examples of market economy

11. Mixed economy is a system that combines characteristics of market and command economies.

IS A SYSTEM THAT COMBINES CHARACTERISTICS OF
MARKET AND COMMAND ECONOMIES.
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