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Types of Economies (Mixed Economy (U.S.A, Private Sector, Private sector,…
Types of Economies
Mixed Economy
U.S.A
Private Sector
Private sector
The decisions are shared
Command Economy
Central Government also decides who will produce it
North Korea
Central Government decides what will be made
The Government decides who will receive it
Traditional Economy
They are mainly farming communities or remote tribes like African Tribes
Individuals use their own resources to make their products
Their customs decided what to produced
Free Market Economy
Resources are owned by private Individuals
Manufacturers make better products so they can out sell their opponents
Private Individuals
