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FOUR TYPES OF ECONOMIC SYSTEMS

1. TRADITIONAL: Based on culture and rituals.

Custom-based decisions: Economic choices follow traditions.

Barter system: Relies on trade, not money.

Rural focus: Common in rural or tribal communities.

Limited growth: Focuses on basic needs, not expansion.

2. COMMAND: Relies on government to make all

economic decisions.

State control: Government controls production and prices.

Central planning: Economy follows government-set plans.

Equal distribution: Resources are distributed by the state.

Low innovation: Lack of competition stifles innovation.

3. MARKET: Consumer choices determine how

industries and financial markets operate.

Supply and demand: Prices and production driven by market forces.

Private ownership: Individuals own most resources.

Competition: Companies compete, boosting innovation.

Minimal government: Little government interference.

4. MIXED: Limited government involvement while

also applying free market concepts.

Government regulation: Certain sectors are regulated.

Free enterprise: Most industries operate freely.

The private sector operates under free market principles, where supply and demand determine prices, production, and distribution, although government intervention can occur when necessary.

Individuals and companies can own private property and assets,

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1.5 Types of economy occupations - online version (1) (2)

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Brown Vintage The Evolution of Art History Infographic