Types of Economies

Market Economy- The citizens have more freedom on what they buy, and the decisions they make in the economy.

Command Economy- The government usually makes the decisions for the prices, investments, income, and production in the economy.

Traditional Economy- Original system where traditions, customs, and beliefs have a big influence on the goods and services present in the economy.

Mixed Economy- The people and the government are both equal when it comes to making decisions in the economy.


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