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Economy Types
| Question | Answer |
|---|---|
| Market Economy | A free economy, where production and prices are based on the interaction of people and business. |
| Command Economy | An economy where the government makes decisions regarding prices and production. |
| Mixed Economy | An economy where government makes some decisions regarding prices and production, and the interaction between people and business also has an effect on prices and production. |
| Traditional Economy | An economy where people produce everything they need. |