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Chapter 2-1 Economic Systems
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Three Economic Systems
1. Traditional --stems from ritual, habit or custom (elders make decisions) --found in tribes, Australian Aborigines and Inuits
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--central authority answers the 3 questions (dictator)
2. Command --central authority answers the 3 questions (dictator) --individuals have little choice & are paid the same amount --found in North Korea
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--people and firms answer the 3 questions
3. Market --people and firms answer the 3 questions --CONSUMERS play the biggest part in what is produced consumer sovereignty --most prosperous - US, Canada, Japan, S. Korea and western European countries
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You will have 3 facts for each box
Economic Systems Adv. & Disadv Traditional Command Market You will have 3 facts for each box + -
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