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Notes on "The 4 Types"
Hope Curry
4
English
11th Grade
02/29/2016

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Cards

Term

Gemma     1-2      Traditional Economic System

 

  • Most ancient type of economy in the world.
  • Includes certain elements of a traditional economy.
  • Paved the way for more economies such as Command and Mixed.
Definition
Term

Gemma      2         Command Economic System

  • Most notable feature of a command economy.
  • The government controlled by a centralized power.
  • Often the government will own everything involved in the industrial process.
Definition
Term

Gemma     2-3      Market Economic System

  • Very similar to a free market
  • Organziations are ran by the people determine how the economy runs.
  • Includes Capitalism and Socialism
Definition
Term

Gemma    3           Mixed Economic System

  • Also known as a Dual Economy
  • The market is more or less free of government.
  • Includes government programs
  • Can lead to credible results, can suffer the consequences.
Definition
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