THE MARKET ECONOMY for 3rd ESO

This week  we are doing a task about Market Economy. Previously in class we learnt about the different types of economic systems in the World. subsistence, communist, and capitalist  system.

A capitalist or  market economic system is a type of economic system where supply and demand regulate the economy. In a market economy most of the decisions are made by buyers and sellers, not by the goverment. Free competition and private ownership are guaranteed.

Although market economy has advantages, such as a higher quality of products and lower prices because of competition, it also has many disadvantages, such as difficulties for poor people, and greed as a principle of the economy.

Download the activity sheet that I have handed out in class.

TASK

1. Go to the site of the North Korea Government and explore the "bussiness" part the differences between a market and planned economy.

List three aspects which shows that it is a planned economy.