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What the types of Economic Systems

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What the types of Economic Systems?

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1. Planned Economy: economy that relies on a centralized government to control all or most factors of production and to make all or most production and alloction decisions.

 

2. Market Economy: economy ub which individuals control production and allocation decisions through supply and demand.

 

3. Mixed Market Economy: economic system featuring characteristics of both planned and market economies.

 

 

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