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Identify the Three Types of Economic Systems

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Essay

Identify the three types of economic systems. How do these three types of economic systems differ from each other? How are they the same?


Definitions:

Composition

The manner in which something is constituted, arranged, or planned, including the structure of a piece of writing, music, or the arrangement of elements in a work of art.

Leadership

The process of influencing the activities of an organized group toward goal achievement, requiring a combination of personality traits, managerial skills, and strategic vision.

Policies

Principles, rules, or guidelines formulated or adopted by an organization, government, or individual to achieve a desired outcome.

Representative Democracy

A system of government where citizens elect representatives to make decisions on their behalf.

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