Identify which statement correctly describes an economic system. in a traditional economy, economic decisions are based on how things were done a century ago. in a market economy, profit motive is a motivating factor for entrepreneurs. in a command economy, individuals have little say in what goods get produced. in a market economy, competition is controlled by the government. a central planning unit of the government is key in a command economy. most nations in south america are considered to be traditional economies. in a market economy, the forces of supply and demand determine what gets produced. most actual economies in the world are classified as mixed economies.