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I love living in America! We have a market economy, so everything is based on supply and demand. Anyone can own a business, no one tells us how to sell our things! Lets go to different places to learn about their economies.
Here in Alaska, they have a traditional economy. The traditions, customs and beliefs shape the goods and services.
Now we visit North Korea! They have a command economy. The government controls the goods and services, like the price and how much is sold. That doesn't sound fun to me!
Our last visit is China, a mixed economy! They have some freewill to control their goods and services but they are overlooked by the government.
Here we are back in USA. We have a capitalism economy. This includes freedom of choice, which means one can exercise their freedom as long as others can also. This is beneficial because people have a say in their economy.
Another factor of capitalism is profit, which is the money private businesses make off their goods and services. This is beneficial because people have the chance to succeed in wealth and business.
The next factor of capitalism is competition. This is the struggle between businesses to attract more customers, come out ahead, and make more profit. This is beneficial for the consumers because it motivates people to advance their businesses, making things more luxorious.
The last factor of capitalism is private property. This is land owned by an individual and not the government. This is beneficial because it gives people freedom to do what they want with what they own.
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