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Published byStewart Joseph Modified over 9 years ago
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4. People create economic systems that influence individual choices and incentives
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Traditional Economy Closely tied to the environment
Choices and Social roles determined by Custom Belief system Status Birth Family Gender
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Planned (command economy)
The central government makes all decisions regarding the production and consumption of goods and services. Planned economies are also called command economies
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Market economy Individuals make decisions based on exchange or trade;
these choices determine what gets made and who consumes goods and services. Market societies are also called free markets or capitalism
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Mixed economy Mixed economies combine elements of traditional, market, and planned economies
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Nations rarely fit into a specific category
But can be placed on a continuum between extremes
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All decisions made by tradition or command
All decisions made by individuals in free markets
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