Question

instructions: place an \x\ in the box under traditional, planned, market, and/or mixed to match the description with the economic system. an economic system heavily influenced by habits, customs, and religious beliefs government directly influences and vastly controls business practices due to ownership of natural and capital resources privately owned factors of production (i.e., factories and machines) prices are influenced by supply and demand an economic system that combines elements of all the other basic systems characterized by very low unemployment rate considered synonymous with capitalistic economy individual freedom is limited (roles of individuals are static from generation to generation) considered synonymous with either a communist or socialist economy, depending upon the degree of government control individuals purchasing decisions determines the types of products and services offered minimal government involvement in business transactions

Explanation:

1. An economic system heavily influenced by habits, customs, and religious beliefs is a traditional economic system.
2. When the government directly influences and vastly controls business practices due to ownership of natural and capital resources, it is a command (planned) economic system.
3. Privately - owned factors of production are characteristic of a market economic system.
4. Prices influenced by supply and demand are in a market economic system.
5. An economic system that combines elements of all other basic systems is a mixed economic system.
6. Low unemployment rate can be characteristic of a command economic system where the government can direct employment.
7. Considered synonymous with capitalistic economy is a market economic system.
8. Limited individual freedom with static roles from generation to generation is a traditional economic system.
9. Considered synonymous with communist or socialist economy depending on government control degree is a command economic system.
10. Individual's purchasing decisions determining product and service types is a market economic system.
11. Minimal government involvement in business transactions is a market economic system.

Answer:

Description	Traditional	Command	Market	Mixed
Government directly influences and vastly controls business practices due to ownership of natural and capital resources		X
Privately owned factors of production (i.e., factories and machines)			X
Prices are influenced by supply and demand			X
An economic system that combines elements of all the other basic systems				X
Characterized by very low unemployment rate		X
Considered synonymous with capitalistic economy			X
Individual freedom is limited (roles of individuals are static from generation to generation)	X
Considered synonymous with either a communist or socialist economy, depending upon the degree of government control		X
Individual's purchasing decisions determines the types of products and services offered			X
Minimal government involvement in business transactions			X