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  • Today we are learning the types of Economies 
  • Command Economy is when production, investment, prices, and income are determined by the government  ex:North Korea Market economy is when the resources are owned by someone  Ex:USA  
  • What about Principles of Capitalism?
  • Traditional Economy is when goods and services are produced the way they have been  Ex:Haiti Mixed Economy combines elements of command and market economy  Ex:China  
  • The Principles of Capitalism is tomorrow Jimmy
  • Freedom of choice describes an individuals opportunity to preform an action selected. Its beneficial because it is the only thing we achieve our fulfillment. Profit is a financial gain of money. This is beneficial so people can make money and fulfill there needs  
  • Competition is an event or contest in which people had complete. Its beneficial because it makes us as humans to be more creative.  Private property is a legal designation for ownership of property by non-government entitles. Its beneficial because it is important for economic development.  
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