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In a capitalist system, the government answers the three basic questions.
traditional
The basic economic questions are answered by the customs of the past. A+
A.) Traditional economy. :3
traditional > <
In a capitalist system, the government answers the three basic questions.
The basic economic questions are answered by the customs of the past.
The basic economic questions are answered by the customs of the past. A+
traditional
Traditional A+
A.) Traditional economy. :3
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
market economy
what to produce? how to produce it? for whom to produce it?
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.