what is meant by economy amd what are it's type
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Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. ... Capitalism, socialism, and communism are types of economic systems.
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Types of Economies
Market-based economies allow goods to flow freely through the market, according to supply and demand. The United States is considered a market economy where consumers and producers determine what's sold and produced.
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