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Types of Economies (Command Economy (Who decides whom it will be produced…
Types of Economies
Command Economy
Who decides whom it will be produced (who gets it)? The government decides what is produced and who produces it and who gets it
Who decides what will be produced? The government decides what is produced and who produces it and who gets it
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Who decides who will produce it? The government decides what is produced and who produces it and who gets it
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Mixed Economy
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An example of the economy
Most governments around the world (including the United States) are mixed economies
Who decides for whom it will be produced (who gets it)? Individuals and businesses make decisions for the private sector.
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Traditional Economy
Who decides what will be produced?
Decisions about how to use resources are made based primarily on tradition
Who decides who will produce it?
Primarily by farming communities where individuals use resources readily available to them and produce most of the goods and services
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An example of the economy: tribes in the amazon rain forest, the native Inuit of Alaska, and some African tribes.
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Free Market Economy
Who decides what will be produced? The forces of supply and demand decide who will produce what and for whom
Who decides who will produce it? The forces of supply and demand decide who will produce what and for whom
Who decides for whom it will be produced (who gets it)? The forces of supply and demand decide who will produce what and for whom
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