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Economic Geography 4.5
• An economy consists of the production and
exchange of goods and services among a group of
• The way people choose to produce and exchange
goods is called as economic system
– Traditional Economy - trade without money, or “barter”
– Command Economy – production determined by government, who
also owns the means of production, and does not necessarily reflect
the consumer demand: communism
– Market Economy – Production of goods and services follows
consumer demand: capitalism, free enterprise
– Socialism – where government may own major means of
production, but market consumer demand is followed