CONOMIC SYSTEMS ESSAY
Compare and contrast the ways in which TRADITIONAL, MARKET, AND
COMMAND ECONOMIES answer the three major economic questions.
Your essay should be structured around the three economic questions,
and explain how each system answers those questions.
2. What to produce?
3. How to produce?
4. For whom to produce?
In each paragraph talk about how the economic systems answer the
questions. You can create exmples to make your point.
Traditional, market, and command economies generally relate. These two aspects can either be similar or have specific differences. Traditional as a system depends on customs, history as well as time-honoured beliefs. On the other side, the market economy relies on the law of supply to assist in directing services and goods. It involves the central government making all the decisions [Roascio, Albistur, and Gambaro 2018).In summary, commodities' traditional economic production is based on cultural traditions and customs while commanding production methods are collectively owned, and the distribution is central. Techniques of production in traditional are primitive and includes bartering
Roascio-Albistur, A., & Gámbaro, A. (2018). Consumer perception of a non-traditional market on sous-vide dishes. Inter