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8 terms

Economies

STUDY
PLAY
Market
Individuals determine, what to produce, who wants it, how much of it there is, and how much to charge. No country has an absolute one.
Traditional
People meet their needs based on customs, and learn their trade from their parents.
Command
The government controls all of economy, and individuals have no say.
Mixed
Combines a market and command economy, resulting in an economy that most countries have.
MIxed
The U.S. is this type of economy.
Traditional
Madagascar is this type of Economy.
Command
North Korea has this type of economy.
Market
No country has a pure type of this economy.