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Traditional Economy
An economic system rooted in historic practices and customs, relying on barter and subsistence farming, often with minimal use of technology.
Command-based Economy
An economic system where production, investment, prices, and incomes are determined centrally by a government.
Discretionary Income
The amount of an individual's income that is left for saving, investing, or spending after taxes and basic necessities have been paid.
Gross National Income Per Capita
A measure that calculates the average income earned per person in a country, taking into account all residents' incomes.
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