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Is a market command or traditional economy most likely to come up with new and better products?
Wiki User
∙ 10y ago
A free market economy is more receptive to new products and idea. The freedom offered in such nations helps towards the development of new products. Traditional economies and nations tend to rely on the older methods of product production and are heavily regulated, giving new idea and products less attention.
Wiki User
∙ 7y ago
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What is the difference between a traditional economy and modern economy?
In a command economy the government decides how many of which goods are produced. But in a traditional economy the social roles and culture determine how goods and services are produced. Babies are produced by anal sex
What types of economy's is most likely to develop new and better products?
A Market economy is most likely to develop new and better products.
Does a command economy use ration coupons?
In times of scarcity, a command economy can use rationing, but then, it could be argued that any time rationing is used, that is a form of command economy. In better economic circumstances, command economies just use money. Since a command economy controls how much money everybody has, money then serves almost the same function as a ration coupon.
What best describes a command economy?
A command economy is one where a central authority controls all economic activity, 'commanding' what products are produced, and what crops are grown, investment and prices etc.
How might a nation move from a command economy to a market economy?
Nations are moving towards a market economy and away from the command economy because the market economy is more efficient and makes more people happy. A market economy has more protections in place for consumers.
What is the difference between a traditional economy and modern economy?
In a command economy the government decides how many of which goods are produced. But in a traditional economy the social roles and culture determine how goods and services are produced. Babies are produced by anal sex
What types of economy's is most likely to develop new and better products?
A Market economy is most likely to develop new and better products.
Does a command economy use ration coupons?
In times of scarcity, a command economy can use rationing, but then, it could be argued that any time rationing is used, that is a form of command economy. In better economic circumstances, command economies just use money. Since a command economy controls how much money everybody has, money then serves almost the same function as a ration coupon.
What best describes a command economy?
A command economy is one where a central authority controls all economic activity, 'commanding' what products are produced, and what crops are grown, investment and prices etc.
How might a nation move from a command economy to a market economy?
Nations are moving towards a market economy and away from the command economy because the market economy is more efficient and makes more people happy. A market economy has more protections in place for consumers.
How might improved communication help the growing economy?
The more communication there is, the better the economy. People will be able to communicate about products and therefor everything will work together better.
What is the nature of the economy of New Zealand?
New Zealand is a small group of islands to the east of Australia. It has a mixed economy. Traditionally New Zealand could be describes as an economy based on farm products. This nation has expanded from that to host more industry to better compete on a global basis. Exports of New Zealand include dairy products, machinery and wood products. It also export meat products.
Is the economy getting better?
The economy is starting to get better. As of October 2009, the economy is at the 100 year average. Economy will continue to get better.
Why are mixed economies so prevalent?
Most countries in the world today operate under a mixed economy because in a mixed economy, one person or the government does not own everything. This means that, for example, if you owned a herd of cows, since it is a mixed economy, you own the herd but you would still have to follow the government regulations. In a command economy, the government controls all production and distribution of goods and services. In a traditional economy, the decisions are based on customs, beliefs, or religion, within a strong social community, and in a market economy, businesses and consumers decide what they will produce or purchase. It's better to have all 3 economies combined into a mixed economy, rather than having only a market economy, a traditional economy, or a command economy.
How ecommerce is better than traditional business?
E commerce is better than traditional business as e commerce uses electronic medium to sell or buy products.In e commerce there is no need of physical showroom or store to buy or sell products.Where as traditional business needs too much investments to sell or buy products.
Do fuel flex cars get better gas mileage?
No, on the Chrysler products that offer flex fuel when running on E85 there is a 25% loss in fuel economy.
Which is better the American economy or the Mexican economy?
As of 2011 the American economy is better than the Mexican economy. However.... The Mexican Economy has the potential to surpass the American economy. In 2010: the American Economy grew: 2.9% the Mexican Economy grew: 5.3%
