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  • There are 4 types of economies: Market (U.S), Traditional(South America), command(North Korea), and mixed(Iceland).
  • Also there is 4 types of principles of capitalism are Profit, Freedom of choice, competition, and private property
  • Profit-  the difference between  revenue and sale Freedom of choice- allocate their resources as they see it Competition- rivalry of sellers or buyers Private Property-  land that can only be used with owners consent The 4 principles of capitalism are extremely beneficial to the economy because it sets and lowers the prices and benefits consumers 
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