ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market economy
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Command economy
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Traditional economy
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Mixed economy
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Detailed explanation-1: -A traditional economy is an economy that relies on cultural customs, beliefs, and other traditions for economic decisions.
Detailed explanation-2: -Which of the following is an economic system in which economic decisions are made according to social roles & culture? A command economy is when the government is in control.
Detailed explanation-3: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.
Detailed explanation-4: -A traditional economy is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed. It is a self-sufficient economy where the community engages in different activities to produce goods or services that are required by the rest of the community.