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Unformatted text preview: decided in the economic market. Every trade has its own trade and its own unique Market. USA, Britain, Japan. o Command Economy/ Communist: Government essentially has the overall final say in economic decisions. Everyone is paid the same. All decisions are in governments hands. EX North Korea, only true command economy left. o Mixed Economy: Part of the economy is free; the government controls the other half. The government controls almost 1/3rd of U.S economy. Business and people control other 2/3rds. Price: Lim ited Resource Wages. Labor is lim ited. Land is lim ited: Rent. Capital Interest. Entrepreneur is Profit. NOTHING IS FREE . Everything has a price....
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This note was uploaded on 04/20/2008 for the course ECON 202 taught by Professor Mohammadsafarzadeh during the Spring '08 term at Cal Poly Pomona.
- Spring '08