Which type of economies do all African countries have?

Question

(1 point)
Responses

traditional

traditional

mixed

mixed

market

market

command

command

Answer 1

African countries have a variety of different economic systems. Some African countries have traditional economies, where production is based on customs, traditions, and barter systems. Others have mixed economies, which combine elements of both market and command economies. In a mixed economy, there is government ownership and control of some industries, along with private ownership and market competition. Finally, some African countries have market economies, where production and distribution are determined by supply and demand in the market.