Question

Characteristics of what type of economic system are being described below?

1. basic economic questions answered by forces of the marketplace;
2. consumer demand determines what is produced;
3. competition determines the distribution of goods;

Answer 1

Command Economies
Market Economies
Traditional Economies

Answer 2

"A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system." This sounds like 2.
Command economy: "an economy in which production, investment, prices, and incomes are determined centrally by a government." This sounds like 3.
"A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based." This sounds like 1.
Hope this helps!

Answer 3

Yay thank you so much for explaining. :) @ciaraxcx