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Section 3 Economic Systems

Explore the characteristics of traditional, market, and command economic systems along with the evolution of mixed economies. Delve into key economic questions, production factors, and the impact of influential figures like Adam Smith and Karl Marx.

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Section 3 Economic Systems

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  1. Section 3 Economic Systems Chapter 15 Comparative Political And Economic Systems

  2. Economic Systems Main Idea Economic systems can be characterized by three basic types: traditional, market, and command. Nearly all nations today have mixed economies, meaning they have some combination of traditional, market, and command features.

  3. Focus Questions • How has India’s economy changed since their independence? • What are the basic economic questions? • What are the factors of production? • What are the four types of economic systems? • Who is Adam Smith? • Who is Karl Marx? • What are the advantages and disadvantages of socialism? • What are the advantages and disadvantages of communism?

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