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Explain the types of economics systems

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Reference no: EM13201217

About economics and the meaning of 3 economic systems traditional, command, market.

traditional i undestand as peooples ecomonic passed down from previoius generations, traditions decide what theses people do for a living and how work is done.

command the maid decision maker is the government no person may independently decide to open and run any kind of business.

market: it is one nations economic decision are the result of individual decisions by buyers and sellers in the market place. 

Explain how do the following types of economics systems capitalism , socialism, and communism fall under : market , tradition, and command. 

Reference no: EM13201217

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