![]() Mixed Economy: Business can do what they want, but the government can intervene. For example, a computer manufacturer recently developed a new video gaming system, but decided to wait until closer to the holidays to release the system to the public because it believed anticipation among consumers would allow the company to charge a higher price for the system These decisions are made by business owners based on what happens in the market. In a centrally planned economy/command economy the central government makes all decisions about the production and consumption of goods and services. As long as they abide by fair trade policies, they can decide what to produce, how to produce, and for whom to produce without government intervention. In Country D, business owners make most economic decisions. The sum of government deficits over time is called the: national debt. Traditional Economy: The family engage in economic activity and the environment is very importantĤ. When the government make almost all economic decisions and owns almost all the major factors of production, the country is considered to be under the political system called. Stacy Cowley, a finance reporter for The New York Times, explains. For this reason, it is important that families stock up in “good times” and develop relationships with neighbors with whom they can share or trade. Middle School answered In a command economy, the government. Last week, the Supreme Court struck down President Biden’s sweeping plan to cancel billions of dollars in student loan debt. Certain times get tough for people in Country C, like when the winters are particularly cold or animals change their migration patterns. Command Economy/Communism: Economic system in which the government makes all economic decisions. Governments role is greater than in a free market economy and less than in a command economy. In conclusion, a command economy is an economy in which the government makes the majority of the economic decisions and usually controls most or all of the. Economic system in which families or villages produce goods for their own use with little surplus or exchange of goods. Families grow their own vegetables and raise their own animals or hunt to get meat. Government makes decisions for the public sector. ![]() In Country C, people rarely engage in market transactions. Market Economy: The individuals make economic decisions and are motivated to make profit.ģ. Simply put, there is more profit to be made in the MP3 market. The reason for the emphasis on MP3 players is that demand for CD players has decreased dramatically as MP3 technology has taken over the market. Market Economy/Capitalism, Economic system in which the means. The CEO of Tarheelia Audio, one of the leading audio equipment producers in the country, recently decided to increase production levels of the company’s newest MP3 player model, and at the same time decrease production levels of their most popular CD player. Command Economy/Communism, Economic system in which the government makes all economic decisions. In Country B, business owners decide what to produce, how much to produce, and who to produce for. Command Economy: The state decide what to produce, how to produce it, who it should be produced for.Ģ.
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