What type of economy does each statement describe?

Select C for Command economy.

Select M for Market economy.

Select T for Traditional economy.

What type of economy does each statement describe?

Select C for Command economy.
Select M for Market economy.
Select T for Traditional economy.
Change is slow.
Consumer demand influences business decisions.
Economic growth is not a top priority.
Most business decisions are made by the government.
People choose their jobs.
Resources are government-owned.
Salaries are negotiated between employees and employers.
The government decides which jobs people have.

What statements? What is your question?

t

c
m
c
t
c
m
c

To determine the type of economy described by each statement, you can analyze the characteristics of different economic systems.

- Command economy (C): In a command economy, the government has significant control over the allocation of resources and decision-making regarding production, distribution, and pricing. It typically involves central planning and government ownership of major industries.

- Market economy (M): A market economy is characterized by the interaction of supply and demand in determining the allocation and pricing of goods and services. The decisions regarding production, distribution, and pricing are primarily driven by the actions of individuals and businesses in the marketplace, rather than by government intervention.

- Traditional economy (T): In a traditional economy, economic activities are based on long-established customs, traditions, and cultural practices. People produce and consume goods based on inherited customs and traditions without much room for individual choice or market forces.

Now, based on these explanations, you can match each statement to the corresponding economy type:

1. The government decides what goods and services will be produced, how they will be produced, and their prices.
Answer: C (Command economy)

2. Prices are determined by market forces and the interaction of supply and demand.
Answer: M (Market economy)

3. Economic activities are based on customs, traditions, and cultural practices that have been passed down through generations.
Answer: T (Traditional economy)

Remember, these classifications and definitions are generalizations, and real-world economies often exhibit a mixture of these elements rather than fitting neatly into a single category.