Question

a.Compare how traditional, command, and market economies answer the economic questions of 1-what to produce, 2-how to produce, and 3-for whom to produce.

Answer 1

Traditional, Command and market economies work differently in their fundamentals.

Explanation:

A traditional economy will produce the products that it has traditionally been producing without much change for the demands of the society. They use their traditional methods to produce these. They usually produce for their own population or subsistence and not worried about exports.

Command economies are producing what they are told to produce by the government. They usually use traditional methods or state sanctioned methods and do not control what is to be done with their product.

Market economies have the production of products free and it depends on the market value what is being produced. They use the tools and methods that are available to them by the market and the sale also depends on supply and demand chain.