Traditional Economy: trading without using money, hunting, fishing, gathering, , only in small villages , If my parents were potato farmers, I am going to be a potato farmer too, people follow tradition and do what their ancestors did, Mixed Economy: Based on the principal of supply and demand , Free enterprise , businesses and private individuals make all the economic decisions , Competition, the prices of goods are determined by supply and demand , There is little government regulation at all , People can own property, Command Economy: The government makes all the economic decisions, North Korea, Cuba, Central authority makes all the decisions , usually unlimited government, No private property,
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Economic Systems
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