Intro Economics Test Prep

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Explain the differences between market and command economies.

Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.

Name the four types of economic systems (Hint: Not capitalism, communism, etc...)

Market, Command, Traditional, Mixed

Provide an example of a situation where you would see a mixed economy.

This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.

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