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Key Features of Economic Systems, . (Government owns land, resources &…
Key Features of Economic Systems
Ownership
Pricing
.
Government sets prices.
Prices determined by competition & market forces.
Some prices controlled by the government, others by market forces.
.
Trade
Government controls all trade.
Free trade with minimal government interference.
Government regulates key industries, but free trade exists.
.
Government owns land, resources & businesses.
Private individuals & businesses own land & industries.
Both government & individuals own resources.
Decision Making
Government decides what & how much to produce.
Consumers & businesses decide based on demand & supply.
Government & private sector share decision-making.