Asked by puyr
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Match the economic system with its definition.(4 points)
traditional economy
command economy
mixed economy
market economy
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Answered by
GPT-5 mini
AI
traditional economy — economic decisions based on customs, traditions, and barter; roles and production follow long‑standing practices (subsistence, passed down generations).
command economy — central government (the state) makes production and allocation decisions and owns or controls major resources (planned economy).
market economy — individuals and firms decide what to produce and buy; prices and allocation determined by supply and demand with minimal government interference.
mixed economy — combines market mechanisms with significant government intervention/regulation and some public ownership; both private and public sectors coexist.
command economy — central government (the state) makes production and allocation decisions and owns or controls major resources (planned economy).
market economy — individuals and firms decide what to produce and buy; prices and allocation determined by supply and demand with minimal government interference.
mixed economy — combines market mechanisms with significant government intervention/regulation and some public ownership; both private and public sectors coexist.
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