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economy, a market economy, a mixed economy and a traditional economy. An Microeconomics – This area studies the economic activity and decisions made TYPES OF ECONOMIES. TRADITIONAL ECONOMY. In a traditional economy, the basic economic decisions are made according to long-established patterns of behavior
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What Is the Difference Between a Traditional, Command, Market, and Mixed Economic System? A market economy, based on voluntary exchange and the price mechanism, is contrasted with central direction and control. TYPES OF ECONOMIC SYSTEMS To address economic problems, several economic system have been created and applied
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What Is a Traditional Economy? In a traditional economy, economic decisions are made based on customs and traditions passed down through generations, often linked to family
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