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An economy where the government decides what to produce and how to produce it?
Controlled
What is the difference between a traditional and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
Is planned economy the same as mixed economy?
china is centrally planned economy its means that all the things in china are occupies by china government. they will decide what to produce, where to produce, how to produce it also decides that in which quantity they has to produce the thing.
What happens in a traditional trade economy?
Individuals decide what to produce and how to product it.
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
An economy where the government decides what to produce and how to produce it?
Controlled
What is the difference between traditional economy and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What is the difference between a traditional and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
Is planned economy the same as mixed economy?
china is centrally planned economy its means that all the things in china are occupies by china government. they will decide what to produce, where to produce, how to produce it also decides that in which quantity they has to produce the thing.
Who decides what to produce in a mixed economy?
In a mixed economy, the decisions regarding what to produce are affected by supply and demand. Producers will strive to make what is on demand so that they can make profits.
What happens in a traditional trade economy?
Individuals decide what to produce and how to product it.
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
In a traditional economy what is the decision to make certain products decided by?
In a traditional economy, traditions, customs, and beliefs shape the goods and products that society creates. This is an original economic system that is often rural and farm-based. --- In a free-market society, the production of goods is determined by the demand for those goods, to the extent that the raw materials and labor to make them is available.
What is centrally planned socialism?
A command economy is one where the government decides what to produce, how to produce it, and who to produce it for. Socialism in its entirety is a command economic system. The term 'centralized' is synonymous with 'command' when it comes to types of economies.
Which economy awswers the three economic questions with the frase do as we always done?
The economy that answers the three economic questions—what to produce, how to produce it, and for whom to produce it—using the phrase "do as we always have done" is typically a traditional economy. In a traditional economy, customs, traditions, and established practices dictate production and distribution methods, often relying on agricultural or communal practices. This approach is resistant to change and innovation, prioritizing stability and continuity over adaptation.
In a command economy what doesn't the economy do?
Decides how much consumers buy
How does each society determine who will consume what is produced?
Societies determine who will consume what is produced through various systems such as market economy, command economy, traditional economy, or mixed economy. In a market economy, pricing and consumer demand play a significant role in allocation. In a command economy, the government decides on distribution. Traditional economies follow customs and traditions, while mixed economies combine elements of both market and command systems.
