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Economies

QuestionAnswer
No government involvement in economic decisions. pure market economy
Habits, traditions, and rituals answer the basic economic questions of what, how, and for whom Traditional economy
The government makes economic decisions including having a central committee decide what items will be produced. Command Economy
The government decides the education and jobs of their people. Communist economy
An economy in which the decisions about how and what to produce are decided by businesses and businesses determine whether they survive or fail. market economy
A political and economic philosophy characterized by marketplace competition and private ownership of businesses. Capitalism
Created by: mwaldri1
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