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11 December, 12:32

List the three basic economic systems. How does each answer the basic economic questions?

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  1. 11 December, 12:57
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    command economy, market economy and traditional economy

    Explanation:

    in the command economy the government answer the question of what to produce, how to produce and to whom. the government determines investment and income.

    in the market economy: the economy decision of investment and income, production and distribution is determine by the price according to the law of demand and supply

    traditional economy: is an economic system that is signaled by the custom, belief and traditions of the people which influences goods and services the economy produces, how it is produce and who uses the product.
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