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Meet Amalia, she is going to travel the world to see different economies and learn about the principles of of capitalism.
Her first trip is to the soviet union. Here, they use a command economy, this means that production, investment, price, and incomes are controlled by the government.
Amalia's next trip is to the United States, they practice a market economy. This means that decisions, prices, and services are guided by a country of individual citizens.
In the United State, Amalia rents a car, this is competition, she had to pick between 2 car companies. She uses the car to go sight-seeing.
Amalia's next trip is to Asia, they use traditional economy. This means traditions, customs, and beliefs shape goods or services the economy produces.
Amalia wants to make some money for her next trip, so she sells silk. She bought the silk for 500$, and sold it for 700$. Amalia made a profit of 200$.
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