Drag the tiles to the boxes to form correct pairs. Select the type of economic system that best matches each of the given descriptions.
based on government control
of resources and production
traditional
market
based on traditions and customs
command
based on the forces of supply and demand
mixed
based on price rationing and includes
some government involvement
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Mankiw attributes – chapter 1 and his 10 principles – differences in living standards within a countryover time and across countries at a moment in time to: a. the presence or absence of inflation and unemployment. b. the allocation of resources between private markets and the public sector. c. those that have dealt successfully with the efficiency v. equality tradeoff and those that haven’t. d. differences in productivity. e. ones that think at the margin and respond to incentives and those that don’t.