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So, have you ever noticed what economic systems are around you all the time? Because, when you know what they are and where they can be, you see them all the time!! Let's go take a look around town to see where they can be!
The coaches that coach this football team are an example of a traditional economy because of the coaching strategies they use are ones that have been used for many, many years. The coaches have a freedom of choice to choose to coach how they would like to. Freedom of choice is being able to voice your opinion the way you want to and making your own decisions that you believe will benefit you.
This business office would be an example of a mixed economy which is an economy run by the government and the people of the country. Mixed economies are difficult sometimes because you have to compromise with the gov. about any changes wanted. Businesses like this have competition with other businesses in order to be the best one. Competition with anyone/anything is competing to win a prize or just to win overall.
The White House is an example of a command economy because it is completely run and controlled by the government. This type of economy is private property because the government has control over all of the property. Having private property is owning an area of land that no one else is allowed to be on without you saying that they can.
This diner is an example of a market economy because it is completely run by the people of the country due to it being in a small town in the United States. This economy makes profit because they get to choose what to price things and see how much money they will get from selling things. Making profit is selling things for a certain price so that you make money from it.
I hope you have a better view of what the economic systems are and what makes them separate from one another. They are so beneficial to the economy because they all come together to make the world a bigger and better place that is an organized, easier place to be in.
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