Question

What type of economy does each statement describe?

Answer 1

What type of economy does each statement describe?

Select C for Command economy .

Select M for Market economy .

Select T for Traditional economy .

Change is slow.   (T)

Consumer demand influences business decisions.   (M)

Economic growth is not a top priority.   (T)

Most business decisions are made by the government.   (C)

People choose their jobs.   (M)

Resources are government-owned.   (C)

Salaries are negotiated between employees and employers.   (M)

The government decides which jobs people have.   (C)

Answer 2

First, we need to understand these types of economies.
 Command economy - controlled centrally by a government
 Market economy - decisions are determined by the market
 Traditional economy - decisions are based in customs and traditions

Business decisions are influenced by consumer demand.------ M
Change happens slowly. ------ T
Economic growth is not a high priority. ------ T
People choose their careers. ------ M
Resources are owned by the government. ------ C
The government makes most business decisions ------ C