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In this type of economy, the people decide the supply, demand, and price.
This type of economy is passed down through family traditions. They learn from their parents.
Which type of economy has central ownership, the government, and lack of individual choice?
Who invented communism?
Which of the following are markets involved in the circular flow model?
Factor Market and Resource Market
Labor Market and Product Market
Factor Market and Product Market
This means that the government should not interfere in the marketplace.
The amount of money a business makes after its expenses are paid
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
A economist who introduced the steady increase of the supply of money within growing economies.
John Maynard Keynes
The concept that people have the right and privilege to control their possessions as they wish.