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Exploring Different Economic Systems Across the World

Discover the various types of economics, including Command (government controls all factors), Market (individuals own businesses), Traditional (based on customs), and Mixed (combination of private and government-controlled businesses).

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Exploring Different Economic Systems Across the World

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  1. Types of Economics

  2. Command • government owns and operates all factors of business • aka- Socialism, Communism • Cuba, China, Laos

  3. Market • individuals own and operate businesses • aka- Free enterprise, Capitalism • Almost: United States, Great Britain, Japan

  4. Traditional • based upon customs and traditions • usually agriculture and hunting • aka- Non-Industrialized, agrarian societies • Chad, Haiti, Rwanda

  5. Mixed • Combination of privately owned and government controlled businesses • system that has features of both market and command economies • Almost all economies are mixed

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