Explain how a traditional economy is structured based

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Questions:

1. Explain how a traditional economy is structured based on who answers the three Economic questions. Which Economic goals are largely enhanced with this system? How do you know? Which Economic goals are diminished with this system? How do you know? Feel free to use specific examples to support your answers.

2. Explain how a command economy/centrally planned economy (Socialism) is structured based on who answers the three Economic questions. Which Economic goals are largely enhanced with this system? How do you know? Which Economic goals are diminished with this system? How do you know? Feel free to use specific examples to support your answers.

3. Explain how a free market economy (Capitalism) is structured based on who answers the three Economic questions. Which Economic goals are largely enhanced with this system? How do you know? Which Economic goals are diminished with this system? How do you know? Feel free to use specific examples to support your answers.

4. Most modern economies use a mixed economy system to maximize the positive impacts on the economic goals while minimizing the negative impacts on those goals. Describe at least three ways that these economies can use a limited amount of government control in order to achieve this. Make sure you explain how these examples demonstrate some government control and some economic freedom.

Reference no: EM133428587

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