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Economic Systems (Traditional (Cons:
The climate always changing could…
Economic Systems
Traditional
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Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces
Command
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an economy in which production, investment, prices, and incomes are determined centrally by a government.
Market
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a market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.
Pros:
The most productive companies will earn more than less productive ones.
Goods and services are produced in the most efficient way possible.
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