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Economic Systems
Updated: 9/24/2020
Economic Systems
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Storyboard Text

  • Economic Systems
  • Traditional
  • The Inuit of northern Canada can be considered a traditional economy.
  • Market
  • Market economy is determined by supply and demand.
  • The country of Japan can be considered a market economy.
  • By: Mia Prazniak, Period 4
  • Command
  • The country of North Korea can be considered a command economy.
  • In a traditional economy, habit and custom determine the rules for all economic activity.
  • Mixed
  • The United States can be considered a mixed economy.
  • In a market economy, individuals and private groups make decisions about what to produce.
  • Economic Systems
  • In a command economy, the government owns or directs the means of production and controls the distribution of goods.
  • A mixed economy is an economy in which the government supports and regulates free enterprise through decisions that affect the marketplace.
  • By: Mia Prazniak
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