Explain the types of economic systems.
Explain the types of economic systems.
- Traditional: bartering and trading resources, goods, and services
- Command Economy: government controls the economy by how to use and distribute goods and services
- Market Economy: each person makes their economic decisions; government does not control who buys what; based on the laws of supply and demand
- Mixed Economic System: Market based economy where the government controls some aspects of what is sold, and who can buy
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