Question
Question 2 Custom and tradition dictate what to produce, how to produce it and whom to produce it for. Traditional Command Market Mixed Question 3 2 pts 2 pts
Answer
3.5
(262 Votes)
Maisie
Elite · Tutor for 8 years
Answer
Traditional
Explanation
The question is about different economic systems and how they determine the production and distribution of goods and services. 1. **Traditional Economy**: In a traditional economy, customs and traditions dictate what to produce, how to produce it, and for whom to produce it. This system relies on historical precedent and cultural practices.2. **Command Economy**: In a command economy, the government makes all decisions about production and distribution. Centralized planning is a key feature.3. **Market Economy**: In a market economy, decisions about production and distribution are driven by market forces, such as supply and demand, with minimal government intervention.4. **Mixed Economy**: A mixed economy combines elements of traditional, command, and market economies. It features both government intervention and market-driven mechanisms.