1.7 - Types of Economic Systems
⭐ +425 XP- ✓differentiate among the types of economic systems
- ✓explain the Traditional (subsistence) economic system
- ✓explain the Command/Planned (socialist) economic system
- ✓explain the Free market (capitalist) economic system
- ✓explain the Mixed (public and private) economic system
- ✓apply each system to real Caribbean-style situations and justify your choice.
⏱ 0 mins🎯 85 marks
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Imagine four islands, each deciding how food, jobs and housing should be organised. All four have the same resources, but they make decisions differently, so people experience life differently too.
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