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Published byJerome Harris Modified over 9 years ago
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TYPES OF ECONOMIES
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TRADITIONAL ECONOMY Economic decisions are made according to long established ways of doing things and are unlikely to change. Example: tribes of hunters Not very common in today’s world
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COMMAND ECONOMY The government or a central authority owns the factors of production Example: The old USSR, some developing countries
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Market Economy Private individuals own the factors of production and are free to make their own choices about what to make and buy. Question: Which of the three economies would the United States be?
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The answer is…… The United States is a market economy. The United States does have some elements of gov’t control for example, the post office, education, military, etc. but is primarily a market economy.
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