Types of Economic Systems

The video tutorial explains the branch of economics, focusing on three types of economic systems: traditional, command, and market economies. Traditional economies rely on customs and bartering, with little progress and no major countries using this system. Command economies are government-controlled, providing free services and equal income, seen in countries like Cuba and North Korea. Market economies, like in the USA, are driven by supply and demand, offering individual freedom and competition among businesses.

What are the three types of economic systems mentioned in the text?

Describe the characteristics of a traditional economy.

What role does the government play in a command economy?

How does a market economy differ from a command economy?

What are some advantages of a market economy?