Question

1. Describe the type of economic system characterized in each of the following sentences.
1. Prices are based on dernandand supply.
2. The government decides on what goods should be produced.
3. Ancient methods are used I deciding ahat gooods to produce
4. People enjoy freedom of choice in arriving at decisions on what to buy.
5. People have no freedom of choice in arriving at decisions on what to buy.
6. Economy is stagnant, making use of practices in the olden times.
7. Economy is backward because no new technology or production methods are introduced.
8. Is is the most democratic form of economic system.
9. People's preferences are reflected in the prices they are willing to pay in the market.
10. It exist in primitive and backward civilizations.
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Answer 1

Answer:

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Answer 2

Answer:

what is the answer of number 1