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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

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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

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

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MaisieElite · Tutor for 8 years

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Traditional

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The question is about different economic systems and how they determine the production and distribution of goods and services. <br /><br />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.<br />2. **Command Economy**: In a command economy, the government makes all decisions about production and distribution. Centralized planning is a key feature.<br />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.<br />4. **Mixed Economy**: A mixed economy combines elements of traditional, command, and market economies. It features both government intervention and market-driven mechanisms.
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