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Chapter 2

Chapter 2 . Section 1. Economic Systems. 1.Traditional a. Based on Habit and tradition b. Economic roles are defined c. tend to be stable d. Discourages new ideas e. lower standard of living Ex- Yemen, Afghanistan. Economic Systems. 2. Command

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Chapter 2

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  1. Chapter 2 Section 1

  2. Economic Systems 1.Traditional a. Based on Habit and tradition b. Economic roles are defined c. tend to be stable d. Discourages new ideas e. lower standard of living Ex- Yemen, Afghanistan

  3. Economic Systems 2. Command a. run by a strong Central Government b. everyone in the country is employed c. most public services available at no cost d. can change rapidly e. does not meet wants and needs of consumers f. Requires a large bureacracy g. little to no room for individuality h. High occurenceof job apathy Ex. North Korea, Cuba

  4. Economic Systems 3. Market Economy positives a. Consumer Driven b. highly adaptable to change, but gradually c. Individual freedom d. large variety of goods and services e. high degree of customer satisfaction f. little to no government interference c. is unpredictable d. can destabilize quickly, and rebound quickly e. Ex. US, Britain, Canada

  5. Negatives a. is unpredictable and uncertain b. can destabilize quickly, and rebound quickly c. rewards only productive citizens d. low public goods, often small fees associated e. young, old and infirmed- left for families to fend for Ex. US, Britain, Canada

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