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10 June, 15:20

What are two different ways Economic systems are classified?

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  1. 10 June, 15:27
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    Micro economics and macro economics
  2. 10 June, 15:28
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    Economists generally recognise three distinct types of economic system. These are 1) command economies; 2) market economies and 3) traditional economies. Each of these kinds of economies answers the three basic economic questions (What to produce, how to produce it, for whom to produce it) in different ways.
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