The best economic system that matches each of the given descriptions is as follows:
i. Based on government control of resources and production: This is referred to as a command economic system. It is characterized by the government owning or controlling all resources and making all the decisions. The government regulates the supply and demand, prices, and production. Example: Cuba, North Korea.ii. Based on traditions and customs: This is referred to as a traditional economic system. It is characterized by the economic activities being based on traditions and customs that have been handed down from generation to generation. These activities may include agriculture, fishing, or herding. Example: Papua New Guinea.iii. Based on the forces of supply and demand: This is referred to as a market economic system. It is characterized by the economic activities being determined by the free market and the forces of supply and demand. Producers are guided by market forces and consumers dictate what they want by their buying decisions. Example: United States.iv. Based on price rationing and include some government involvement: This is referred to as a mixed economic system. It is characterized by a combination of government intervention and market forces. It has both private and public ownership. Example: Singapore.
The answer is:Command: i. Based on government control of resources and productionTraditional: ii. Based on traditions and customsMarket: iii. Based on the forces of supply and demandMixed: iv. Based on price rationing and include some government involvement
Explanation:This is an answer that describes the type of economic system that best matches each of the given descriptions. It provides a detailed explanation of the economic systems and their characteristics. A traditional economic system is based on traditions and customs. It is characterized by economic activities that have been passed down from generation to generation. This system is common in developing countries where agriculture, fishing, and herding are the main economic activities. In a command economic system, the government controls all resources and makes all decisions.
The government regulates supply and demand, prices, and production. In a market economic system, economic activities are determined by the free market and the forces of supply and demand. Producers are guided by market forces, and consumers dictate what they want by their buying decisions. A mixed economic system is characterized by a combination of government intervention and market forces. It has both private and public ownership.