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This document summarizes four main types of economic systems: 1) Traditional economic systems are rural and closely tied to farming, with each member having a specific role in close-knit societies. Examples include parts of the Middle East, Asia, Africa, and South America. 2) Command economic systems have a centralized government that controls a large part of the economy, capable of producing resources and rewarding citizens with affordable prices. Examples are North Korea, Cuba, Iran, Burma, and Liberia

Author

Franklyn Rañez Gisultura

Language

EN