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Describing Traditional and Command Economies
Sort the characteristics into the proper type of economy.
no competition
trade by barter
government sets prices
use only simple tools
government owns resources
work methods change little
Traditional Economy
Command Economy

Answer 1

Traditional economies lack competition and rely on barter trading, while command economies have government control over pricing and resources, resulting in stagnant work methods.

Step-by-step explanation:

The Characteristics of Traditional and Command Economies

Traditional Economy:

• No competition: In a traditional economy, there is little or no competition as economic activity is often centered around subsistence and self-sufficiency.
• Trade by barter: Individuals in a traditional economy rely on the exchange of goods and services through bartering, rather than using money.
• Use only simple tools: Traditional economies typically use basic tools and techniques passed down through generations.

Command Economy:

• Government sets prices: In a command economy, the government controls pricing of goods and services.
• Government owns resources: The government owns and controls most of the resources and means of production.
• Work methods change little: Work methods in a command economy are often stagnant, as the government determines how goods and services are produced.

Learn more about Traditional and Command Economies