To match the types of economic systems with their descriptions:
1. Traditional: based on traditions and customs.
2. Command: based on government control of resources and production.
3. Market: based on the forces of supply and demand.
4. Mixed: based on price rationing and includes some government involvement.
In a traditional economic system, decisions about what to produce, how to produce, and for whom are based on customs, traditions, and cultural beliefs rather than market mechanisms or government intervention.
A command economy is characterized by central planning and government control over all aspects of the economy, including resource allocation, production levels, and distribution of goods and services.
A market economy operates based on the interactions of supply and demand, where prices are determined by the market and individuals make decisions about production, consumption, and investment.
A mixed economy combines elements of both market and command economies, allowing for private ownership and market forces to operate while also incorporating government intervention in areas such as regulation, public goods provision, and social welfare programs.
