Command economies exist in Havana, North Korea, as well as the former Soviet Union. China had a centrally planned economy until 1978, when it started transitioning to a mixed economy.
What does the market mean?
Definition: A industry is characterized by the total number of sellers and buyers in a given area or region. This same region may encompass the entire universe, or it can be countries, territories, cities and counties, or cities. The value, cost, and value of items traded in a market are determined by the supply and demand forces.
What are the various market types?
Market types include:
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