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    There Are 3 Types of Economic Systems

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    Ramo Rodriguez
    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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    There Are 3 Types of Economic Systems

    Uploaded by

    Ramo Rodriguez
    77 views1 page
    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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    types of economic systems

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    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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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    77 views1 page

    There Are 3 Types of Economic Systems

    Uploaded by

    Ramo Rodriguez
    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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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    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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