demonstrate knowledge of economic systems, including traditional, command, and market economies.
Answers
knowledge of economic systems
Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources.
traditional economic knowledge
the evolving knowledge acquired by indigenous and local peoples over hundreds or thousands of years through direct contact with the environment.
economic knowledge command
command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprise
market economies
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services. Market economies are not controlled by a central authority (like a government) and are instead based on voluntary exchange.
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