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Economic Systems There are three different economic systems, these being capitalism, socialism, and communism. Though each is practiced in the world today, none are ever practiced in their pure, absolute form. The United States practices its own form of capitalism, while most of the nations in the world practice some form of socialism. Although no government truly practices communism, some nations describe their economy as communist, because that is their ultimate goal. Pure capitalism, socialism, and communism exist only in theory. In a capitalist government, there is private ownership of property, productive resources, and businesses. Individuals or groups of individuals can invest money in businesses or start their own businesses. This is called a free enterprise. In a capitalist government, the market determines the competition of goods, and prices them along with supply and demand. Also, there is no government intervention in the economy.
Approximate Word count = 554
Approximate Pages = 2.2
(250 words per page double spaced)
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