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Types of Economies

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Answer the questions correctly for market, command, and traditional economies.

rosemarysweat
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Created Date 05.03.20
Last Updated 05.04.20
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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.