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Sally you're late to class and we are about to start learning about economies and capitalism
What is that?
There are four different types of economies...
1.Command Economies 2.Market Economies 3.Traditional Economy 4.Mixed Economy
Command Economy is when resources are owned and controlled by the government. For example North Korea and Cuba are Command Economies.
Market Economy is when resources are owned and controlled by people of the country. For example U.S, France, and United Kingdom are examples of Market Economy.
Traditional economy is when goods and services are produced the way it has always have been. For example Haiti, and Ethiopia are examples of Traditional economy.
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