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Ok class, today we will be learning about economy.
What is being shown is a market economy. A market economy is a free system controlled by supply and demand.
I will take a chocolate sundae.
That'll be $2.00
What is being shown is a traditional economy. A traditional economy is when people specialize in one good and trade that good for other goods.
I have wheat.
I have wood, lets trade.
What is being shown is a command economy. A command economy is when the government makes all of the decisions on goods and services.
Doesn't matter, it's my buisness now.
So here is the new buisness idea.
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