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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the three ways that societies can organize themselves economically?

To determine

What are the three ways that societies can organize themselves economically?

Explanation

The complex system of modern economy includes production of services and goods, selling and buying, and employment. Hence, the life of every individual overlaps the lives of thousands or even millions of other individuals economically, to some extent.

Following are the three ways that societies can organize themselves economically:

Traditional economy: It is the oldest economic system and is commonly used in parts of Africa, Asia, and South America. Under this system, economies organize their affairs using the original way they have always done. For example, occupations are restricted in the family.

Command economy: It is a type of economy where the decision making is controlled by the government...

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