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types of economies (free market economy (noncompetitive producers will be…
types of economies
free market economy
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resources owned by the private individual, not by government
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traditional economy
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ex: remote tribes in the amazon rain forest, native inuit of alaska, and some african tribes
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command economy
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prices set by the government, they decide who produces what
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mixed economy
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economic decisions are shared, government makes decisions for public senator
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