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Economic systems, image, image, image - Coggle Diagram

- - - - production at the lowest possible cost
      - determined by the market
      - decided by the free market system of supply and demand
    - - based on goals set by the state
      - determined by needed
      - determined by the state
    - - based on old customs incorporate in rules and laws
      - for the community
      - based on the resources in each region or the
        power of the market to give an incentive
    - - by private companies at the lowest possible cost
        and by the state, based on its goals
      - determined by the market but the state takes actions
      - determined by the free market an the state
- - - - Customs
      - Laws
      - Beliefs
- - - - economic activity in order to maximise potential profits
    - - an economic system in which prices are determined by:
        
        unrestricted competition between privately owned businesses
    - - the means of production
    - - the value assigned to a product or service
    - - If the supply is high and the demand is low
    - - If the demand is high and suply is low
    - - The consumers
    - - The products that are in the market