Ask Question
25 November, 00:54

Who owned most of the resources in a market or capitalistic economy? In a socialist or command economy? What determines ownership in a traditional economy. (Economies)

+2
Answers (1)
  1. 25 November, 03:26
    0
    All of the economy types have their own unique characteristics, with some differing a lot, while some are similar.

    Most of the resources in a market economy are owned by the private sector, though it is very common that the government owns some of the national resources, while in the capitalistic economy, the ownership is entirely on the private sector.

    In a socialist or command economy the resources are mostly or entirely owned by the government, with the private sector being minimal or non-existent.

    In the traditional economy, on the other hand, the ownership is usually determined by inheritance, and since this economy type is not very fond of changes, the economic status of the people may remain the same for a very long period of time.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Who owned most of the resources in a market or capitalistic economy? In a socialist or command economy? What determines ownership in a ...” in 📙 Geography if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers