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There Are 3 Types of Economic Systems

There are 3 types of economic systems: a market economy where individuals make economic decisions with freedom to work and consume as they choose; a command economy where the government owns all resources and controls production and prices; and a mixed economy that combines elements of market and command with private ownership but government intervention in economic decisions and ownership of key industries.

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Ramo Rodriguez
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91 views

There Are 3 Types of Economic Systems

There are 3 types of economic systems: a market economy where individuals make economic decisions with freedom to work and consume as they choose; a command economy where the government owns all resources and controls production and prices; and a mixed economy that combines elements of market and command with private ownership but government intervention in economic decisions and ownership of key industries.

Uploaded by

Ramo Rodriguez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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There are 3 types of economic systems:

Market Economy
Command Economy
Mixed Economy
Market Economy is a system in which individuals, rather than government
make the majority of the economic decisions. It gives individual freedom to
decide where to work doing what, how to spend or save money and whether
to consume now or later.
Command Economy also known as centrally planned economy. Its where
the government owns and controls all resources. The government commands
the authority to decide what goods should be produced, how much should be
produced and the price at which the goods are offered for sale
Mixed Economy: Fall in middle of Capitalism and communism so it has
elements of market and command economies. Mixed economy is a system in
which economic decisions are largely market driven and ownership is largely
private, but the government intervenes in private economic decisions. The
government owns key factors of production yet consumers and private
producers influence price and quantity.

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