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econ 1.1.6 - Coggle Diagram
econ 1.1.6
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3 economic systems
mixed economy
some factor resources are owned by the public sector (i.e. the government or the state) and some are owned by the private sector. e.g. UK
command economy
where all resources are owned by the government or central authority, who decides what to produce, how to produce it and who for. e.g. north korea
free market
based on supply and demand where prices set freely between seller and consumer, without intervention from the government. e.g. USA
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