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some places is Asia and Africa have traditional economies

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some places is Asia and Africa have traditional economies

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characteristics of a traditional economy

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characteristics of a traditional economy

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traditional economies get their resources from nature

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traditional economies get their resources from nature

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how traditional economies get their resources

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how traditional economies get their resources

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the characteristics of a command economy include:
1) the government creates a central economic plan
2) the government owns "monopoly business"( Monopoliy buissiness is considered an extreme result of free-market capitalism and are often used to describe an economy that has total or almost complete control of a market.
3)  the "central plan"(planned economy) sets expectations for the production of goods and services
4) the government creates rules and laws to enforce the central plan
5)managed by the government
6)soviet union and china were a command economy
7) it is innificcient
8) the government is in complete control

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the charecteristics of a traditional economy include:
1) traditional economy relies on barter
2) it only produces what you need there are rarely any extras or lefftovers of products
3) traditional economy usually takes place in a nomadic society
4) Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them.
5) They use barter instead of money
6) they will eventually create a for of currency
7)there is no supply and demand in traditional economy because they only have a certain amount of products and they can't mass produce like in a market economy
8) they rely on widlife and their surroundings. they dont sell everyday items like processed food such as chips, cakes , andy mass produced items.

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the charecteristics of a market economy include:1) private property2)freedom of choice3)limited government4) system of markets and prices5) A market economy is a system where the laws of supply and demand direct the production of goods and services6) demand means the amount an item is wanted. for example during the covid pandemic, esentials such as face masks, hand santitzers, wipes, and other disinfectent products are at high demand because everyone wants them to stay safe7) because of demand, the supply gets lower because so many people are buying thse products that factories run out and dont have enough until they make more8) because of supply and demand prices go up because vendors are starting to realize that people woukd pretty much do anything to get these items and higher the price to make a better profit and make more money. this is how markeet economy works.