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they are made by custom and habit
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What group of players make all of the economic decisions in a freemarket system?
The US, Japan and Germany are all market economies. In a traditional economy. In market economies, economic decisions are made by individuals.
What are some similarities between command and traditional economy?
In a command economy government agencies take the decisions regarding consumption production and distribution in other words allocation of resources . The classical example of command economy was the economy of erstwhile USSR- where major decisions were taken by the soviet planning commission. Traditional economy refers to economy in which primary sector- agriculture , mining , fishing , lumbering , animal husbandry etc, is dominant economic activity - in terms of share in GDP and employment.
What is system in which the major economic decisions are made by the central government?
Command economy
How are economic decisions made in a command economy?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
What is a centrally planned economy?
A centrally planned economy is an economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
How are economic decisions made in traditional economy?
they are made by custom and habit
What are similarities between market and traditional economic systems?
In a Market Economy the decisions are made by individuals whereas in a Traditional Economy, the decisions are all based on tradition, like what their ancestors had done, religion, and other similar factors. However, they both have a self interested mind-set. Hope this helped! :)
What group of players make all of the economic decisions in a freemarket system?
The US, Japan and Germany are all market economies. In a traditional economy. In market economies, economic decisions are made by individuals.
What are some similarities between command and traditional economy?
In a command economy government agencies take the decisions regarding consumption production and distribution in other words allocation of resources . The classical example of command economy was the economy of erstwhile USSR- where major decisions were taken by the soviet planning commission. Traditional economy refers to economy in which primary sector- agriculture , mining , fishing , lumbering , animal husbandry etc, is dominant economic activity - in terms of share in GDP and employment.
The mixed economy of Australia is becoming more of a market economy as fewer economic decisions are made by?
the government.
What is system in which the major economic decisions are made by the central government?
Command economy
Who makes decisions in a market economy?
The decisions are made in a market economy by considerations of various factors. The output level of an economy is the main considerations as well as the income level of the region.
How are economic decisions made in a command economy?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
What is a centrally-planned economy?
A centrally planned economy is an economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
What is a centrally planned economy?
A centrally planned economy is an economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
Who chooses what to produce in traditional economy?
Families, Clans, or Tribes within the a traditional economy decide what goods and services will be produced. This is based off the customs and traditions that have been followed for generations in said traditional economy
What best illustrates the traditional economic system?
There are a few things that illustrate the traditional economic system. These include Amazon tribes, Aborigines, and a multitude of substainance groups. For OW its "label reading Made in China"
