Types of Economic Systems

Created by NeleLilly 

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Traditional

goods and services are traded without using money. Also called barter

Command

Production of goods and services is determined by a central government, which usually owns the means of production. Production does not always reflect consumer demand. ex. North Korea, socialist countries

Market

production of goods and services is determined by the demand from consumers. also called demand economy or capatialism

Mixed

a combonation of command and market economies provides goods and services so that all people will benefit. some think the US is becoming a mixed economy

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