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ECONOMIC SYSTEMS

Command economic systems
Relies on planners, directed by government, to decide what and how to produce. Characterised by low living standards and inflexibilities.

Transition Economy
One in which the government is liberalising some sectors so that production and marketing decisions are made by individual organisations
and people on…

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Market Forces: When the conditions of supple and/or demand change in a market, this is likely to lead to price changes. These, in
turn, influence the decisions of businesses and consumers.

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