Question

Classify the economic systems:

A) Minimum Wage
B) Command Economy
C) Mixed Economy
D) Free Market Economy
E) Traditional

Answer 1

The economic systems can be classified as: Minimum Wage, Command Economy, Mixed Economy, Free Market Economy, and Traditional Economy.

Step-by-step explanation:

The economic systems can be classified as:

1. Minimum Wage: Minimum wage is a policy implemented by governments to ensure that workers receive a certain level of income. It sets a legal minimum wage that employers must pay employees.
2. Command Economy: In a command economy, the government has complete control over the production, distribution, and pricing of goods and services. The government makes all economic decisions.
3. Mixed Economy: A mixed economy is a combination of command and market economies. The government and individuals both have roles in making economic decisions.
4. Free Market Economy: In a free market economy, individuals and businesses have the freedom to make economic decisions without government intervention. Prices are determined by supply and demand.
5. Traditional Economy: A traditional economy relies on customs, traditions, and cultural norms to determine economic activities. It is based on subsistence agriculture and barter.