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A traditional economy is one where the production and distribution of goods is based on custom and cultural traditions Answer the similarities between traditional and command economies are that both are not primarily driven by the forces of supply and demand and can limit individual economic freedom A command economy is one where the means of production are owned collectively, and decisions about what to produce and how goods are distributed are made by a centralized authority.
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The primary differences between a market economy and a command economy include resource control, capital ownership, and price determination for goods and services. What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world agreement (nafta) was designed to promote free trade between the united states. Your understanding of these differences highlights how traditional economies value continuity and cultural heritage, while command economies emphasize state control and regulatory policies.
In a traditional economy, individuals have little control over economic decisions, but in a command economy, individuals control all economic decisions
What is the major difference between a command economy and a market economy is that difference important to you why or why not? Traditional economies rely on customs and traditions, fueling stability and promoting cultural preservation In contrast, command economies place power in the hands of a central authority, aiming for control and economic equalization. Here we discuss the top 4 main types of economic systems including traditional, command, market, and mixed economy along with their advantages & disadvantages and examples.
