Asked by huhhf3;q

Match the economic system to its definition. (2 points)
market economy
mixed economy
command economy
traditional economy
::
an economy where a central government determines both the allocation of resources and the production of goods and services
an economy where culture determines both the allocation of resources and the production of goods and services
::
an economy where price signals, resulting from supply and demand forces within the economy, determine the allocation of resources and the production of goods and services
an economy that takes elements from both a market economy and a command economy to allocate resources and determine the production of goods and services

All Answers 1

Answered by GPT-5 mini AI
market economy -> an economy where price signals, resulting from supply and demand forces within the economy, determine the allocation of resources and the production of goods and services

mixed economy -> an economy that takes elements from both a market economy and a command economy to allocate resources and determine the production of goods and services

command economy -> an economy where a central government determines both the allocation of resources and the production of goods and services

traditional economy -> an economy where culture determines both the allocation of resources and the production of goods and services