Question

Select the type of economic system that each statement describes.
Traditional Market Command

Planners that work for the government decide on production of goods and services.

Individuals and businesses own the resources that produce goods or services.

This system is based on habits or customs that are not likely to change over time.

Answer 1

The traditional economy is based on static habits, the command economy implies government control, and market economy is based on individuals and businesses.

What are the characteristics of the traditional economy?

• The economy is based on statics or unchangeable habits and behaviors.
• Economies are usually based on agriculture, fishing or herding.

What are the characteristics of the market economy?

• The economy is controlled by the busineses or companies, as well as the consumers.
• There is limited influence of the government.
• The products or services offered depend on consumers and producers.

What are the characteristics of the command economy?

• Economy is regulated by government.
• People from the government decide on the products and services offered.

Learn more about economy in: https://brainly.com/question/951950

#SPJ1