Social Sciences and History / Unit 13 SSH 1204 short lesson, about 20 seconds
Traditional, Command, Market
Captions available
The idea
Societies organize economies three ways. A traditional economy, typically agricultural, does things as they have always been done. A command economy passes decisions down from government, which owns the resources. A market economy decentralizes decisions, with private ownership. Most societies are a mix.
In practice
Private enterprise: private owners operating the means of production.
Where people slip
Globalization: buying and selling increasingly crossing borders.
Your place on the trail
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