2. What is Traditional economy
A traditional economy is
a system that relies on customs,
history, and time-honored beliefs.
Tradition guides economic decisions
such as production and
distribution. Traditional
economies depend on agriculture,
fishing, hunting, gathering, or some
combination of the above. They use
barter instead of money.
3. Fun Fact:
Most traditional economies operate
in emerging markets and developing
countries. They are often in Africa, Asia,
Latin America, and the Middle East.
4. What is Mixed Economy
A mixed economy is variously
defined as an economic system
blending elements of market
economies with elements of
planned economies,
free markets with state
interventionism, or private
enterprise with public
enterprise.
5. How does mixed economy work
A mixed economic system protects private property
and allows a level of economic freedom in the use of
capital, but also allows for governments to interfere
in economic activities in order to achieve social aims.
6. What is Market economy
The definition of a market
economy is one in which price
and production is controlled by
buyers and sellers freely
conducting business. An
example of a market economy is
the United
States economy where the
investment and production
decisions are based on supply
and demand.
7. How does Market economy work
The market system works by
producing what consumers want
for the least cost. ... The essential
feature of the market system is
that people must have freedom:
freedom for consumers to buy
what they want, and freedom for
producers to produce what
consumers desire.
