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Economic Systems (Traditional (Disadvantages (High competition, Can be…
Economic Systems
Traditional
Economic system based on familial distribution of resources, traditions, and hunting and gathering
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Disadvantages
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If harvest isn't successful, people can starve
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Mixed
Economic system that combines aspects of both market and command economies in an attempt to efficiently distribute scarce resources
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Market
capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Economic system in which the people make major economic decisions. People are free to do as they please.
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