Question

In a ___ Economy, decisions about what products should be produced are made by the government. Command Market Mixed Traditional 2. In a ___ Economy, both the government and individuals make decisions about what goods will be produced. Command Market Mixed Traditional 3. Nearly every economy is a ___ Economy. Traditional Mixed Market Command

Answer 1

1. Command economy- The idea behind this type of economy makes it so that the government can ensure that everyone has equal access to resources. The goal is to provide everyone with enough resources to live and thrive.

2. Mixed economy- A mixed economy is a combination of a command economy (in which the government decides how many products will be made) and a market economy (one in which the consumer dictates how many products will be made).

3. Mixed economy- In almost every country, there are elements of both a market economy and command economy. Having a "perfect" market economy or a "perfect" command economy is not really possible, as we do not live in a perfect world. The best ideas from each system need to be used in order to have a practical and rational economy.