Identify which statement CORRECTLY describes an economic system. In a Traditional economy, economic decisions are based on how t
hings were done a century ago. In a Market economy, profit motive is a motivating factor for entrepreneurs. In a Command economy, individuals have little say in what goods get produced. In a Market economy, competition is controlled by the government. A central planning unit of the government is key in a Command economy. Most nations in South America are considered to be Traditional economies. In a Market economy, the forces of supply and demand determine what gets produced. Most actual economies in the world are classified as Mixed economies.
I see most of the statements are correct. Please see if the question asks for INCORRECT statement instead. If so, then the answer is In a Market economy, competition is controlled by the government.
If the question is really asking for all correct statements, please mention in comment and I will list them out.
