QUESTION IMAGE
Question
match- drag and drop
market command
family or local decisions about economy are passed on (traditional)
society votes how the issues they want the government to runs (socialism) communism
dictators decide what the country needs
supply and demand controls business
profit is the motive
good of the country is the motive
govt. makes all choices
free market (choice) capitalism
individual s or small groups can open their own business or corporations
some people get mega rich, other people go bankrupt, or never get the chance
the government regulates equally
First, identify the core traits of Market (capitalist) and Command (socialist/communist) economic systems. Market systems prioritize individual choice, profit, and supply/demand. Command systems prioritize central government/state control and collective good. Traditional economy is a separate system, so it is not matched to either.
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Market:
- Supply and demand controls business
- Free market (choice)
- capitalism
- Profit is the motive
- Individuals or small groups can open their own business or corporations
- Some people get mega rich, other people go bankrupt, or never get the chance
Command:
- Society votes how the issues they want the government to runs (socialism)
- Dictators decide what the country needs communism
- Govt. makes all choices
- Good of the country is the motive
- The government regulates equally
Note: "Family or local decisions about economy are passed on (traditional)" describes a traditional economic system, so it does not fit under Market or Command.