1. The market system and the command system are the two broad types of economic systems used...

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1. The market system and the command system are the two broad types of economic systems used to address the economic problem. In the market system (or capitalism), private individuals own most resources, and markets coordinate most economic activity. In the command system

(or socialism or communism), government owns most resources, and central planners coordinate most economic activity.

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Essentials Of Economics

ISBN: 9780073511313

2nd Edition

Authors: Stanley L. Brue, Campbell R. McConnell, Sean M. Flynn

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