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April 24, 2014

Homework Help: economics

Posted by MARKO on Wednesday, September 21, 2011 at 6:30pm.

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?

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