1) Traditional Economy- the decisions are made based on traditions or beliefs. Produce what’s been produced in the past. (Third world countries, poor) Positives- make high quality goods, families make decisions together. Negatives- not very practical, you don’t have a choice as to what job you want.
Command Economy- government ensures everyone has a job so there is virtually no unemployment. Government makes all decisions even what you do for a living. Hires central planning agents for help. (Communist…
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