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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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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 • based upon customs and traditions • usually agriculture and hunting • aka- Non-Industrialized, agrarian societies • Chad, Haiti, Rwanda
Mixed • Combination of privately owned and government controlled businesses • system that has features of both market and command economies • Almost all economies are mixed