Hey Lisa, could you help me study for my economic systems test tomorrow?
Sure, Jack. There are 4 economic systems: Traditional, Command, Market, and Mixed. There are 3 questions each of these economies answer: What goods are produced? How are they produced? Who consumes them?
What is a Traditional economy?
A Traditional economy is an economy in which customs of the past, traditions, and ancestors answer the 3 economic questions.
What is a Command economy?
A command economy is an economy in which the government answers the 3 economic questions
What is a Market economy?
A Market economy is an economy in which individuals answer the 3 economic questions.
What is a Mixed economy?
A Mixed economy has characteristics of both a Command and Market economy because there are no pure Command or Market economies in the world.
This is my stop. Thank you so much, Lisa, for helping me study. I really understand it now.
It was my pleasure, Jack. I hope you ace your test tomorrow. Bye.
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