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Match the economic system to its definition.(2 points)

Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
market economy
command economy
traditional economy
mixed economy
answers:
1) an economy where culture determines both the allocation of resources and the production of goods and services
2) 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
3) an economy where a central government determine both the allocation of resources and the production of goods and services
4) an economy that takes element from both a market economy and a command economy to allocate resources and determine the production of goods and services

1 answer

Here are the matches for the economic systems with their corresponding definitions:

  1. Traditional economy - an economy where culture determines both the allocation of resources and the production of goods and services

  2. 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

  3. Command economy - an economy where a central government determines both the allocation of resources and the production of goods and services

  4. 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