Answered

Match the term with the statement
Economic system in which economic activity is the
result of ritual, habit, or custom
Economic system in which private citizens own and
use resources to make a profit
Efficient way of allocating resources and producing
and distributing goods and services in a society
Economic system in which a central authority
makes the major economic decisions
Economic system that has some combination of
traditional, command, and market economies
Traditional economy +
Market economy
Economic system
Command economy
Mixed economy



Answer :

GinnyAnswer

Final answer:

Traditional, market, and command economies differ in how resources are allocated based on customs, private ownership for profit-making, or central authority control.


Explanation:

Traditional economy: An economic system where resources are allocated based on ritual, habits, or customs. For example, in a traditional economy, roles are passed on through generations.

Market economy: An economic system where private citizens own resources to make a profit, and decisions are made through interactions in markets.

Command economy: An economic system where a central authority makes major economic decisions, like in communist or planned economies.


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