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Today we are learning the types of Economies
Command Economy is when production, investment, prices, and income are determined by the government ex:North Korea Market economy is when the resources are owned by someone Ex:USA
What about Principles of Capitalism?
Traditional Economy is when goods and services are produced the way they have been Ex:Haiti Mixed Economy combines elements of command and market economy Ex:China
The Principles of Capitalism is tomorrow Jimmy
Freedom of choice describes an individuals opportunity to preform an action selected. Its beneficial because it is the only thing we achieve our fulfillment. Profit is a financial gain of money. This is beneficial so people can make money and fulfill there needs
Competition is an event or contest in which people had complete. Its beneficial because it makes us as humans to be more creative. Private property is a legal designation for ownership of property by non-government entitles. Its beneficial because it is important for economic development.
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