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Read the following scenarios and identify the type of economy that is being described:

1. While I might not have everything I want, I know that my basic needs are going to be met.
2. In my country, individuals and the government both have a say in how the economy functions.
3. The government has no control over the market. Everything is determined by market demand.
4. My family has done the same job and lived on the same property for four generations.

A. Mixed market
B. Traditional
C. Free market
D. Command



Answer :

GinnyAnswer

Final answer:

The answer explains the types of economies mentioned in the scenarios.


Explanation:

In the scenarios provided, the type of economies described are:

  • Mixed Market Economy: Where both individuals and the government have a say in economic functions.
  • Free Market Economy: Where everything is determined by market demand with no government control.
  • Traditional Economy: Illustrated by the scenario where a family has been doing the same job for generations.

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