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TYPES OF ECONOMIES

TYPES OF ECONOMIES. TRADITIONAL ECONOMY. Economic decisions are made according to long established ways of doing things and are unlikely to change. Example: tribes of hunters Not very common in today’s world. COMMAND ECONOMY.

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TYPES OF ECONOMIES

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  1. TYPES OF ECONOMIES

  2. TRADITIONAL ECONOMY • Economic decisions are made according to long established ways of doing things and are unlikely to change. • Example: tribes of hunters • Not very common in today’s world

  3. COMMAND ECONOMY • The government or a central authority owns the factors of production • Example: The old USSR, some developing countries

  4. Market Economy • Private individuals own the factors of production and are free to make their own choices about what to make and buy. • Question: Which of the three economies would the United States be?

  5. The answer is…… • The United States is a market economy. • The United States does have some elements of gov’t control for example, the post office, education, military, etc. but is primarily a market economy.

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