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Answer:
Traditional economy relies on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.
A market economy, economic decisions are made by individuals and are based on exchange, or trade.
A command economies, because a central authority is in command of the economy.
Mixed economies market-based economic systems in which government plays a limited role.
A market economy has several aspects that characterize it. It is very rare that all of these aspects are realized completely.
1) In this type of economy the government doesn't intervene.
2) Resources are privately owned. Goods and services are given by the individuals.
3) There has to be freedom of choice to buy and sell whatever the people want. Freedom of enterprise to start any business you want.
4) Every entrepreneur sees for himself and looks to maximize their profit. They act on self interest.
5) Competition is very important for a market economy to work. <u>In theory</u>, when there's competition the market will regulate itself preventing price and power abuses and guaranteeing the best price for the costumer.
American consumers stop buying and wearing coats made from the fur of endangered species.
What is consumer?
The term “consumer” means purchasing a product or service for the purpose of personal use.
Because fur clothing is needless and cruel, American customers have stopped purchasing and wearing it. Americans think it threatens and kills animals, including endangered species. Each year, it is involved in the catching, farming, and skinning of billions of animals.
As a result, option (d) coats made from the fur of endangered species is correct.
Learn more about on consumers, here:
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