ECONOMICS: Economic Systems: Who makes decisions about production, distribution and consumption in each of the systems below? Traditional: ☆ Capitalism (Free-Enterprise): Socialism: Communism: are they would fall on the spectrum below. ​

3 weeks ago

Solution 1

Guest Guest #7251936
3 weeks ago

Economic system varies with time and also influences the production, distribution and consumption system in the economy.

In traditional economic system, people are main participant in decision making about all this process.

In capitalist economic system, private sector is making decision about the economy like what to produce? how to produce? and for whom to produce.

In socialistic economic system government is the main body to make such decision about society and concerned about equal treatment and no privileges for anyone.

In communism economic system community as whole chose a government and they make decision for people.

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