What type of economy does each statement describe?

Select C for Command economy.

Select M for Market economy.

Select T for Traditional economy.

Change takes a long time.

Consumer demand influences business decisions.

Economic growth is not a priority.

Most business decisions are made by the government.

People are able to choose their careers.

Resources are government-owned.

Salaries are negotiated between employers and their employees.

The jobs people have are determined by the government.

Question

kennethallgood7 kennethallgood7

08-06-2017
Geography

contestada

What type of economy does each statement describe?

Select C for Command economy.

Select M for Market economy.

Select T for Traditional economy.

Change takes a long time.

Consumer demand influences business decisions.

Economic growth is not a priority.

Most business decisions are made by the government.

People are able to choose their careers.

Resources are government-owned.

Salaries are negotiated between employers and their employees.

The jobs people have are determined by the government.

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adonysf12f adonysf12f · Answer 1 · 2017-06-08T04:57:24+02:00

First, we need to understand these types of economies.
Command economy - controlled centrally by a government
Market economy - decisions are determined by the market
Traditional economy - decisions are based in customs and traditions

Business decisions are influenced by consumer demand.------ M
Change happens slowly. ------ T
Economic growth is not a high priority. ------ T
People choose their careers. ------ M
Resources are owned by the government. ------ C
The government makes most business decisions ------ C

debmagnani debmagnani · Answer 2 · 2019-12-27T21:24:20+01:00

Answer:

Change takes a long time. ⇒ T

Consumer demand influences business decisions. ⇒ M

Economic growth is not a priority. ⇒ T

Most business decisions are made by the government. ⇒ C

People are able to choose their careers ⇒ M

Resources are government-owned. ⇒ C

Salaries are negotiated between employers and their employees. ⇒ M

The jobs people have are determined by the government. ⇒ C

Explanation:

Understand these types of economies.

Command economy - is an economic system whose production is controlled by the state, which defines the planning and goals of the country's economy. Also called Centralized Economy or Centrally Planned Economy, is the model proposed by Socialism.

Market economy - is an economic system elaborated within the development of capitalism and has as its basic premise the centrality of the market in the economy, through the reduction of the roles played by the state. It is, therefore, an affiliation of the ideals advocated by economic liberalism, which proclaims the so-called minimal state.

Traditional economy - It is a system based on honorable customs, history and beliefs. Tradition guides economic decisions, such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering or some combination above. They use exchange instead of money.