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Today we will be learning about the different types of economic systems
The first type of economic system is traditional. A traditional economy is an economy in which it relies on customs, history, and time-honored beliefs to make decisions for everything.
The second type of economic system is market. A market economy is where the laws of supply and those of demand direct the production of goods and services.
The third type of economic system is command. In a command economy, the government decides everything and citizens have little freedom.
The last type of economic system is mixed. A mixed economy is a mix between a command economy and market economy.
Bye have a good day!
Oh! Well the bell just rang, that means class is over, you are dismissed.