Question

practice: types of economic systems
an economic system heavily influenced by habits,
customs, and religious beliefs
government directly influences and vastly controls
business practices due to ownership of natural and
capital resources
privately owned factors of production (i.e., factories
and machines)
prices are influenced by supply and demand
an economic system that combines elements of all
the other basic systems
characterized by very low unemployment rate
considered synonymous with capitalistic economy
individual freedom is limited (roles of individuals
are static from generation to generation)
considered synonymous with either a communist or
socialist economy, depending upon the degree of
government control
individuals purchasing decisions determines the
types of products and services offered
minimal government involvement in business
transactions
directions:
place an \x\
in the box
under
traditional,
command,
market,
and/or mixed
to match the
description
with the
economic
system.

Explanation:

• An economic system heavily influenced by habits, customs, and religious beliefs: En un sistema económico tradicional, las costumbres, hábitos y creencias religiosas son determinantes para la producción, distribución y consumo. Por ejemplo, en sociedades tribales, la forma de cazar o cultivar está arraigada en tradiciones ancestrales.
• Government directly influences and vastly controls business practices due to ownership of natural and capital resources: En un sistema de comando, el gobierno posee y controla los recursos naturales y capitales. Decide qué se produce, cómo y para quién. Por ejemplo, en la antigua Unión Soviética, el Estado planificaba la economía.
• Privately owned factors of production (i.e., factories and machines): En un sistema de mercado, los factores de producción (como fábricas y máquinas) son de propiedad privada. Los individuos y empresas toman decisiones basadas en la ganancia.
• Prices are influenced by supply and demand: En un sistema de mercado, los precios se determinan por la interacción entre la oferta y la demanda. Si hay más demanda que oferta, los precios suben y viceversa.
• An economic system that combines elements of all the other basic systems: El sistema mixto combina elementos de mercado, comando y tradicional. Por ejemplo, muchos países occidentales tienen un sector privado (mercado) y un sector público (gobierno interviene en educación, salud, etc.).
• Characterized by very low unemployment rate: En un sistema de comando, el gobierno puede planificar el empleo, lo que a veces lleva a una tasa de desempleo baja (aunque no siempre eficiente).
• Considered synonymous with capitalistic economy: El sistema de mercado se asocia con la economía capitalista, donde la propiedad privada y la libre competencia son fundamentales.
• Individual freedom is limited (roles of individuals are static from generation to generation): En un sistema tradicional, los roles sociales son estáticos. Por ejemplo, una persona nace en una familia de agricultores y probablemente seguirá esa actividad.
• Considered synonymous with either a communist or socialist economy, depending upon the degree of government control: El sistema de comando se asocia con economías comunistas (total control) o socialistas (menor control, pero aún así intervención estatal).
• Individual’s purchasing decisions determines the types of products and services offered: En un sistema de mercado, las decisiones de compra de los individuos (demanda) guían a las empresas sobre qué producir.
• Minimal government involvement in business transactions: En un sistema de mercado liberal, el gobierno tiene poca intervención. Las empresas operan con libertad, solo hay regulaciones básicas (por ejemplo, evitar monopolios ilegales).

Answer:

Descripción	Traditional	Command	Market	Mixed
Government directly influences and vastly controls business practices due to ownership of natural and capital resources		X
Privately owned factors of production (i.e., factories and machines)			X
Prices are influenced by supply and demand			X
An economic system that combines elements of all the other basic systems				X
Characterized by very low unemployment rate		X
Considered synonymous with capitalistic economy			X
Individual freedom is limited (roles of individuals are static from generation to generation)	X
Considered synonymous with either a communist or socialist economy, depending upon the degree of government control		X
Individual’s purchasing decisions determines the types of products and services offered			X
Minimal government involvement in business transactions			X