Economic Systems
Updated: 12/17/2019
Economic Systems
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  • Command Economy
  • Traditional Economy
  • Market Economy
  • I wanna buy this shop right here
  • A command economy is a system in which the government determines production, investment, prices, and incomes. The government is responsible for allocating all resources and makes allocation decisions.
  • Mixed Economy
  • A traditional economy is a system that relies on customs and history. They often depend on agriculture, fishing, hunting, gathering, etc. They are often in Africa, Asia, Latin America, and the Middle East.
  • A market economy where the laws of supply and demand direct the production of goods and services. This system has limited government involvement and is competition.
  • A mixed economy is an economic system combining private and public enterprise. This system consists of private and government owned entities. A mixed economy monitors the power of monopolies. An example of a mixed economy is the United States.
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