2. Does the market solution need either tradition and/or command? And does tradition and command solutions...

2. Does the market solution need either tradition and/or command? And does tradition and command solutions need markets?

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Expert Solution

Traditional Economic System: This economic system was adopted in past and can be related to the barter system,where each family or tribe produced the goods needed for their own use and not for trading and if they wanted some other item then they used barter system for the exchange of goods.The goods produced were limited to their own use and beliefs.This type of economy has now been replaced by the Modern Economy Systems and can be seen today in the parts of Africa and Middle East.

Command Economic System: In this system there is a centralized power which is usually the Government of that country which decides about the price of the prodcut, the quantity to be produced and other aspects related to it.In this the prices are not decided by the demand and supply factors but by the Government.There is the monoply of the government.Such systems can be found in the countries like China.

In present scenario the countries are using Mixed Economies in which the above stated systems along with the Market Economy system is used to take the decisions regarding market.In Free Economic System the decsions are taken on the basis of the market forces that are demand and supply.

Every Economic System needs market to take decisions. In tradition the market is limited to their own needs and beliefs they cater to their own needs and in Command the market is whole economy where the Governement controls the suuply and demand of the goods for the whole economy.

Rahul Sunny answered 1 year ago

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