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.

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Change is slow. - Traditional economy (T): In a traditional economy, change is typically slow as economic activities and methods are based on long-standing customs, traditions, and cultural practices. There is a resistance to adopting new technologies or ideas.

Consumer demand influences business decisions. - Market economy (M): In a market economy, business decisions are primarily influenced by consumer demand. Producers and businesses respond to what consumers want and are willing to purchase.

Economic growth is not a top priority. - Traditional economy (T): In a traditional economy, economic growth is often not a primary focus. The emphasis is on maintaining cultural values, traditions, and generally following the status quo, rather than pursuing rapid economic growth.

Most business decisions are made by the government. - Command economy (C): In a command economy, most business decisions are made by the government. The government controls and plans the allocation of resources, production levels, and sets prices.

People choose their jobs. - Market economy (M): In a market economy, people have the freedom to choose their jobs based on their skills, interests, and market demand. There is no central authority dictating job assignments.

Resources are government-owned. - Command economy (C): In a command economy, resources are typically owned and controlled by the government.

Salaries are negotiated between employees and employers. - Market economy (M): In a market economy, salaries and wages are usually determined through negotiations between employees and employers. The market forces of supply and demand play a significant role in setting wages.

The government decides which jobs people have. - Command economy (C): In a command economy, the government typically decides which jobs people have. Central planning and control extend to the job assignments of individuals.