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Could you help me with my economics test?
Their are 4 economic systems. Traditional,Command,Market, and Mixed. You will also need to know what goods are produced? How are they produced? And who consumes them?
How many systems are their?
Traditional economy is when goods and services are produced the way it has always been. Each generation is taught the same methods to make the same goods.
Tell me what traditional economy is?
A command economy is when resources are owned and controlled by the government
How does the command economy work?
A market economy is when resources are owned and controlled by the people of the country
What about the market economy?
Lastly the mixed economy combines elements of the command and market economy.
Thank you so much, now I understand!
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