Which of the following is characteristic of a traditional economy? * O Communities tend to be fast-growing. O They are usually based on light industrial production. They have a high standard of living. Children tend to have the same jobs as their parents did.

Choose ALL of the key terms listed below which are usually associated with a country that earns $10,000 or less on average, has a low literacy rate, and has little political or economic freedoms. OMDC ONIC OLDC OMore developed country ONewly Industrialized country Less developed country ODeveloped Dorzaloning

O Efficiency Which of these economic goals is most important in a command economy? Growth Equit Freedom Efficiency Which of these economic goals is most important in a Traditional

Why is business failure a necessary phenomenon in a free economy?

Karl Marx referred to the business owners as

Explain your understanding of a Mixed Economy. Give some examples to support your view.