Understanding Economy

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Definition of Economy

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An economy is the way people in a place make, buy, and sell things, like food, toys, or services, to meet their needs and wants.

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Structure of Command Economy

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Completely determined and controlled by the central authority or the government.

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Definition of a mixed economy.

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A mixed economy is a combination of market and command systems.

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Role of the government in a mixed economy.

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In a mixed economy, the government makes some decisions.

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Example of a country with a mixed economy.

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The United States operates as a mixed economy.

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Hybrid system in economics.

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A mixed economy is considered a hybrid system.

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Economic system of the United States.

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The United States has a mixed economy.

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Economic roles in the United States.

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Both private businesses and government programs are crucial in the U.S. economy.