Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs. A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.
An economic system is the method used by society to produce and distribute goods and services, depending on their goals and values. Differences among traditional economy, market economy, command economy, and mixed economy. Traditional economy: relies on habit, custom, or ritual to decide what to produce.
There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.A traditional economic system focuses exclusively on goods and services that are directly related to its beliefs and traditions. A command economic system is characterized by a dominant centralized power. A market economic system relies on free markets and does not allow any government involvement.
Answers & Comments
Answer:
Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs. A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.
Answer:
An economic system is the method used by society to produce and distribute goods and services, depending on their goals and values. Differences among traditional economy, market economy, command economy, and mixed economy. Traditional economy: relies on habit, custom, or ritual to decide what to produce.
There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.A traditional economic system focuses exclusively on goods and services that are directly related to its beliefs and traditions. A command economic system is characterized by a dominant centralized power. A market economic system relies on free markets and does not allow any government involvement.