Answer :
To match the descriptions with the correct type of economic system:
1. "Based on traditions and customs" matches with the traditional economic system. In this system, economic decisions are based on customs, traditions, and cultural beliefs rather than market forces or government intervention.
2. "Based on government control of resources and production" aligns with the command economic system. Here, the government makes decisions regarding what goods and services are produced, how they are produced, and for whom they are produced.
3. "Based on the forces of supply and demand" corresponds to the market economic system. In a market economy, prices are determined by supply and demand, and individuals make decisions based on their own self-interest within a competitive market.
4. "Based on price rationing and includes some government involvement" is associated with the mixed economic system. In a mixed economy, there is a blend of market forces and government intervention where the government plays a role in regulating certain aspects of the economy while allowing market mechanisms to operate.
By matching the descriptions with the appropriate economic systems, you can better understand how each type operates and influences economic activities.
1. "Based on traditions and customs" matches with the traditional economic system. In this system, economic decisions are based on customs, traditions, and cultural beliefs rather than market forces or government intervention.
2. "Based on government control of resources and production" aligns with the command economic system. Here, the government makes decisions regarding what goods and services are produced, how they are produced, and for whom they are produced.
3. "Based on the forces of supply and demand" corresponds to the market economic system. In a market economy, prices are determined by supply and demand, and individuals make decisions based on their own self-interest within a competitive market.
4. "Based on price rationing and includes some government involvement" is associated with the mixed economic system. In a mixed economy, there is a blend of market forces and government intervention where the government plays a role in regulating certain aspects of the economy while allowing market mechanisms to operate.
By matching the descriptions with the appropriate economic systems, you can better understand how each type operates and influences economic activities.
