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A typical diverse economy typically refers to an economy that includes both agricultural and industrial sectors. It also involves a combination of private and public sectors, where the private sector includes privately owned businesses and the public sector involves government-owned entities. Additionally, a diverse economy involves human and capital investments, where human investments refer to education, training, and skill development of the workforce, and capital investments refer to the acquisition and utilization of physical assets like machinery, buildings, and infrastructure. Lastly, a diverse economy incorporates elements of both market and command economies. In a market economy, decisions regarding production, consumption, and investment are primarily based on market forces such as supply and demand, whereas in a command economy, the government centrally plans and controls economic activities.
