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Taylor 1-13 - Market-oriented economy Economy in which most...

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Economy Social arrangements that determine what is produced, how it is produced, for whom it is produced Economics Study of production, distribution, consumption of goods, services Market-Oriented vs. Command Economies Market Institution that brings together buyers, sellers of goods/services
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Unformatted text preview: Market-oriented economy Economy in which most econ decisions are made by buyers, sellers, who may be individuals/firms; US, Command economy Econ in which gov either makes or strongly influences how most econ decisions are made; Cuba, Libya, north Korea...
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