What are the characteristics of a Traditional economy? What are the characteristics of a Command economy?

What are the characteristics of a Free Market economy?

What are the benefits of economic freedom?

What are the benefits of competition?

What role does the government play in the US economy?

characteristics of a Traditional economy:

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above. They use barter instead of money.

characteristics of a Command economy:

The government creates a central economic plan for all sectors and regions of the country. The government allocates all resources according to the central plan. The central plan sets the priorities for the production of all goods and services.

characteristics of a Free Market economy:

Private property, Freedom of choice, Motivation of self intrest, competition, limited government.

benefits of economic freedom:

It is the principles of economic freedom—free markets, rule of law, protection of private property, and open trade—that boost prosperity and reduce costs so that societies can protect their environments, improve health, and broaden access to education

benefits of competition:

Competition in America is about price, selection, and service. it benefits consumers by keeping prices low and the quality and choice of goods and services high. Competition makes our economy work.

role the government play in the US economy:

The U.S. government's role in the economy can be broken down into two basic sets of functions: it attempts to promote economic stability and growth, and it attempts to regulate and control the economy.

Step-by-step explanation:

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