Question

How might economic activities within a family with adults, teenagers, and young children represent aspects of traditional, command, and market economies?

Answer 1

First of all I will make the distinction between the three systems of economy.

Traditional economy is the one in which families, clans, or tribes make economic decisions based on customs and beliefs that have been passed from generation to generation. In this case, the goal oft he people will be to survive, and they will also consume stuff related to their belief.

In the case of command Economy , the government decides what goods and services will be produced, how they will be produced, and how they will be distrubted. So that, what individual consumers want is rarely considered, and the entire economic activities within a family with adults, teenagers, and young children will have to rely on what the government decides, without being able to decide by themselves what to produce or how to do it.

And finally, the market economy . this is an economic system based on individual choice, without government directives. Through this system consumers and producers drive the economy. So a family will be able to produce what they want and think that would be most profitable, so that, they interfere in the supply and demand of an economy.

Answer 2

Actions that involve the production, distribution and consumption of goods and services at all levels within a society. Gross domestic product or GDP is one way of assessing economic activity, and the degree of current economic activity and forecasts for its future level can significantly impact business activity and profits, as well as inflation and interest rates.