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Types of Economics

Types of Economics. Command. government owns and operates all factors of business aka- Socialism, Communism Cuba, China, Laos. Market. individuals own and operate businesses aka- Free enterprise, Capitalism Almost: United States, Great Britain, Japan. Traditional.

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Types of Economics

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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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