OGT definitions II
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Created by:
lfaeth Plus on January 12, 2012
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3 terms
Terms | Definitions |
|---|---|
 Command economy | govt makes decisions about production, distribution and exchange of production; no competition; consumer choice confined to products made available by govt; type of socialism (N.Korea, China, Cuba) |
| Mixed economy | mix of market and command economy |
| Market economy | private businesses seek profit; competition btw business results in variety of product available to consumers; supply and demand; minimal govt control; also known as capitalism (US & Japan) |
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