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Economic System - an organized way in which a society provides for the…
Economic System - an organized way in which a society provides for the wants and needs of its people.
Command Economy 
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A large decision-making bureaucracy is required which slows decision making and raises the cost of production
Traditional Economy
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Mixed economy
Provides assistance to those who would otherwise be left out - too young, too old, disabled :check:
In democratic mixed economies, voters can use their power to affect the WHAT, HOW, FOR WHOM decisions
In socialistic mixed economies, everyone shares certain benefits - free or low-cost public housing, transportation, medical care, and education
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Historically, socialism and communism have proven to be less efficient than capitalism
Market economy
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Decision making is decentralized - all the people make the decisions that direct resources into the uses consumers want
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Does not provide equally for all individuals - those who are too young, too old, or too sick to earn a living or care for themselves would find it difficult to survive in a pure market economy :red_cross:
Some basic goods and services may not be provided in necessary quantities - roads, education, health care
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