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Help With Classifying Types Of Economy?

By admin Posted in: chinese treatment

For class, I have to classify these things by either command, market, or traditional economies. I’m confused on a few!
1. Norton is retired, so he collects social security.
2. Gracie and her family live in housing which the federal government provides at a reduced rent.
3. To increase income, Huang raises chickens and geese which he sells at the local free market in northern China.
4. Stock market prices decline in Tokyo because of large offerings of steel stocks for sale.
5. In Mexico City, businesses take lunch at 2:30 pm and resume at 5.
6. Chinese doctors may treat patients at a home for a fee.
7. Chinese doctors are employees of the state,and any fee they charge for home treatment is regulated by the state.
If you could put a reason for your answers, that’s be great too!

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  1. Robert Says

    1. Norton is retired, so he collects social security. ALL THREE (most types of economies have social security)
    2. Gracie and her family live in housing which the federal government provides at a reduced rent. COMMAND
    3. To increase income, Huang raises chickens and geese which he sells at the local free market in northern China. MARKET (Trick question: free market- supply and demand, YES, even in China!)
    4. Stock market prices decline in Tokyo because of large offerings of steel stocks for sale. MARKET (supply and demand decides price)
    5. In Mexico City, businesses take lunch at 2:30 pm and resume at 5. TRADITIONAL (this is a traditional practice that you would not see in a MARKET economy)
    6. Chinese doctors may treat patients at a home for a fee. TRADITIONAL or MARKET (could be both)
    7. Chinese doctors are employees of the state,and any fee they charge for home treatment is regulated by the state. COMMAND (in this example the state decides who works and how to allocate resources. this is an example of a COMMAND economy)

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