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Types of Economies (Traditional Economies: (Families of farming…
Types of Economies
Traditional Economies:
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The products are produced for the families who produce them. These products are then used by the family that produces them.
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Examples of this type of economy are remote tribes in the Amazon Rain-forest, the native Inuit of Alaska, and some African tribes
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Command Economies
The Central Government controls almost everything in a command economy. They control what companies make for people
Not only does the central government control what is produced, they also decide who produces it.
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An example of the economy is the economy in North Korea. The Government makes the economic decisions in this country.
Mixed Economies
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Just as businesses and individuals decide who produces the products, they decide who the products will be made for.
Economic decisions are shared in this type of economy. The Government makes the decisions for the public sector and individuals and businesses make decisions for the private sector
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Free Market Economies
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Private Individuals and Manufacturers decide what is produced in this form of economy to compete with other companies.
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