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Digital Economic Homework 1
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Three Different Types of Economies
Only what is needed is produced, and everyone has enough resources to survive
Maybe if Leo and Bob listen we can have nice things....
The First Type: Traditional Economy The Second: Market Economy The Third: Command Economy
These traditions have been done for hundreds of years
Workers follow their culture's tradition
Workers are farmers, gatherers and hunters
Economic Stability and Security
Some Government Intervention (public works)
Economic decisions are made by individuals guided by their interests
People can decide what to buy and how to buy it.
Economic Freedom and Efficiency
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