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Kennedy Kusenberger&Henry Merchant
dad, what is a traditional economic system?
It is a goverment runned system that produces what people need to survive. It's produced by hunting farming and gathering. And its produced for the people.
wow! okay a few more questions!
my next question is, what is a command economy?
the government and their employees decide how it is to be produced.
the government makes all economic decisions about what is to be produced.
heres everything you need to know about a command economy.
the government decides for who its produced.
okay last question... what is a market economy?
what is produced by a consumers preference.
heres everything you need to know about a market economy...
for whom its produced is determined by purchasing power.
how to produce is determined by producers seeking profits.
wow! thanks dad, now i know everything i needed to know about a traditional economy, market economy and command economy.
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