Traditional economies rely on tradition, market economies like capitalism prioritize private property and voluntary exchange, while command economies like communism involve government control over economic decisions.
Traditional Economy:
A traditional economy relies on habit, custom, or ritual to decide the three basic economic questions. In this system, economic affairs are organized based on tradition, with occupations passed down within families and little economic progress or development.
Market Economy:
On the other hand, a market economy, like capitalism, relies on private property rights, voluntary exchange in free markets, and production based on demand to address the fundamental economic questions.
Command Economy:
In contrast, a command economy, such as communism, places the emphasis on government control over economic decisions, in stark contrast to market economies.
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