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The four types of economies (Traditional (Services (Beliefs, Customs,…
The four types of economies
Traditional
Goods
Beliefs
Customs
Traditions
Services
Beliefs
Customs
Traditions
relies heavily on individuals
Most Basic
Less waste
Relies heavily on individuals
Command
Dominate Centralized power
Communist communities
Controlled by the govt.
Large amount of economic activity
Valuable resources
works well in theory
Market
Supply and demand
A theoretical concept
no real example of a true market economy
All economies have something that interferes for it to be true
High amount of growth
The distribution of wealth may not help the overall society
Mixed
Refers to any kind of mixture of market and command economic system
Most cases have strong regulatory oversight and govt control in some areas
Goods and services
"Public"
Most western economies are considered mixed
Private owned areas
With Public utilities and services with govt regulation