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Traditional enconmy 3 questions.
1.what to produce?2. how to produce it?3.whom to produce it for?
how does traditional economy answer the three questions.
ill supply your family with milk if you take my kid to school.
traditional enconomy fishes and farm.
free market 3 questions
1.what to produce ?2.how to produce?3.for whom to prodcue?
by distributing resources and goods through market.
free market is were it could be a good or want.
1.what to produce2.how to produce.3.whom to produce for.
by allocating resources and goods through markets..
by allocating resources and goods through markets, where prices are generated.
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