Introduction Match each type of economic system to the phrase that best describes it

Mixed market economy

An economy completely controlled

by the government

An economy with as little regulation

as possible

Pure market economy

An economy that allows free

interaction

Command economy

An economy that preserves

old customs

Traditional economy

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Done

Intro

1 - Mixed market economy - - - An economy that allows free interaction

2 - Pure market economy - - - An economy with as little regulation as possible

3 - Command economy - - - An economy completely controlled by the government

4 - Traditional economy - - - An economy that preserves old customs

Explanation:

1 - Mixed market economy is an economic system that includes both private and corporate, as well as public or state ownership of the means of production. It allows private entrepreneurs and individuals to make independent financial decisions, but their autonomy is limited by the fact that the state or society has priority in these financial matters. Mostly the ideas of a mixed economy are held by supporters of democratic socialism.

2 - A market economy is an economic system based on the principles of free enterprise, a variety of forms of ownership of the means of production, market pricing, contractual relations between business entities, and limited state intervention in the economic activities of entities.

3 - A command economy is an economic system in which material resources are state and centrally distributed, which obliges individuals and enterprises to act in accordance with a centralized economic plan.

4 - A traditional or patriarchal economy is an economic system in which traditions and customs determine the practice of using limited resources. In a traditional economy, land and capital are in common possession, and the main economic problems of society - what, how and for whom to produce - are solved mainly on the basis of traditional tribal or semi-feudal hierarchical ties between people.