Question

Describe the characteristics of a traditional economy, a command economy, and a market economy.

Answer 1

Explanation:

A traditional economy is a system that relies on customs, history, and time-honored beliefs. ... 2 A market economy is a system where the laws of supply and demand direct the production of goods and services. A command economy is where a central government makes all economic decisions.

Answer 2

Answer:

A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. It doesn't rely on the laws of supply and demand that operate in a market economy. A command economy also ignores the customs that guide a traditional economy.

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