Model economic system
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Describe the vision of a model economic system - is it capitalist, socialist, or somewhere in between and compare and contrast the two major economic systems (capitalism and socialism).
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Solution Summary
This solution looks at the various types of economic systems.
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In capitalism, the market is free and with little regulation. In socialism, the government regulates the economy. This is called a command economy as opposed to the free market in a capitalist economic system. Examples of capitalist economies can be found in the United States, Britain and Japan. Examples of command economies exist in North Korea, Cuba and in Soviet Union (when it existed).
Types of economies that ...
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