Posted by MARKO on .
im learning about economics and the meaning of 3 economic systems
traditional, command, market
traditional i undestand as peooples ecomonic passed down from previoius generations, traditions decide what theses people do for a living and how work is done
command the maid decision maker is the government no person may independently decide to open and run any kind of business
market: it is one nations economic decision are the result of individual decisions by buyers and sellers in the market place.
the question is how do the following types of economics systems capitalism , socialism, and communism
fall under : market , tradition, and command.
i got capitalism /market
socialism / tradition
communism / command
is that right?