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The economic system of a society is essentially a framework that organizes the production, distribution, and consumption of goods and services. Various economic systems exist, ranging from traditional and command economies to market economies. Traditional economies rely on customs, traditions, and barter systems, often found in indigenous societies. Command economies are characterized by centralized government control, where decisions regarding resource allocation are made by a central authority. Market economies, on the other hand, are driven by supply and demand forces, with decisions made by individual actors in a decentralized fashion.
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