Types of Economies
Answer the questions correctly for market, command, and traditional economies.
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Topics of this game:
- People in traditional economies do not want to change their basic way of life.
- Traditional economies are often based on ancestral traditions/customs and habits.
- A market economic system is also called capitalism.
- Market economies encourage new business by allowing economic freedom.
- A market economy does not allow individual consumers and producers to make economic decisions.
- The central government makes all the economic decisions in a command economy.
- A command economy is sometimes called a planned economy.
- Individuals have economic freedom in a command economy.
- The United States operates under a market economy.
- Traditional economies have been referred to as third world economies.
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