A Very Long Vacation

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  • A Very Long Vacation
  • America and Market Economy
  • Sweden/Mixed Economy
  • John is travelling around the world to see the four types of economies and find the differences among them. private property is property owned by a specific person who has absolute and explicit legal rights such as land,buildings,money,etc. private property can only be transferred by owners consent.
  • Iran/Command Economy
  • Before leaving america for four months,John took one last look from the statue of liberty;america is a market economy. A market economy is an economy controlled by the people with little government intervention
  • Traditional Economy/Africa
  • When John arrived in Sweden,he needed a rental car ,but he had to decide which company had the best cars. This is called competition,which is the rivalry amongst companies to create the better product as well as increase profits it is beneficial because it pushes companies to be better.A mixed economy is a mix between a Market and Command economy.
  • The End
  • After living in Sweden for two months,John moved to Iran for a month but soon after he arrived he knew that he would need to make some profit, so he was given a job at a newspaper stand. a profit is an economic gain or loss is the difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.In a Command Economy, all economic decisions are made  by the government 
  • Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
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