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Distinguish among spoilage, reworked units, and scrap. Give an example of each.
Market-based Economy
An economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
Mercantilist Economy
An economic theory and practice dominant in modern Europe, advocating for governmental regulation of a nation's economy to augment state power at the expense of rival national powers.
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.
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