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4 terms

Types of Economic Systems

STUDY
PLAY
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