matching 5 points
match the economic system with the correct definition
socialist economy
traditional economy
mixed economy
free market system
command economy
i
system that has some combination of traditional,
command, and market economies
economic and political system in which factors of
production are owned and directed by the state
system in which for whom, how to, and what to produce
are determined by the consumer, purchasing power,
producer
system in which government owns and controls some
factors of production
system in which for whom, how to, and what to produce
are determined by past traditions, customs, and rituals
8 multiple choice 1 point
which of the following is a feature of a command economy that distinguishes it from a socialist economy?
all economic decisions are made by the free market
all economic decisions are based on custom and habit
some degree of private ownership and activity is allowed