Who owned most of the resources in a market or capitalistic economy? In a socialist or command economy? What determines ownership in a traditional economy. (Economies)

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Cristopher Bruce

Geography

23 May, 20:09

Who owned most of the resources in a market or capitalistic economy? In a socialist or command economy? What determines ownership in a traditional economy. (Economies)

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Cole Francis · Answer 1

All of the economy types have their own unique characteristics, with some differing a lot, while some are similar.

Most of the resources in a market economy are owned by the private sector, though it is very common that the government owns some of the national resources, while in the capitalistic economy, the ownership is entirely on the private sector.

In a socialist or command economy the resources are mostly or entirely owned by the government, with the private sector being minimal or non-existent.

In the traditional economy, on the other hand, the ownership is usually determined by inheritance, and since this economy type is not very fond of changes, the economic status of the people may remain the same for a very long period of time.