PROPERTY RIGHTS
1. Complete the following by selecting the correct option in brackets:
| Pure traditional | Pure command | Mixed | |
| Coordinating mechanism | Determined by tradition | (Centrally planned / Free market) | Combination of all three |
| Property rights | Typically limited | (Publically owned / Privately owned) | Combination of public and private ownership |
| Price determination | Typically no currency | (By the state / Forces of demand and supply) | Prices are mainly determined by the free market but there is government intervention |
| Incentives | Community survival | (Working for the common good and/or external coercion / Self-interest and profit maximisation) | Self-interest and working for the common good |
You can use the following table as a summary of the important characteristics and differences between the different economic systems.
| Pure traditional | Pure command | Mixed | |
| Coordinating mechanism | Determined by tradition | Centrally planned | Combination of all three |
| Property rights | Typically limited | Publicly owned | Combination of public and private ownership |
| Price determination | Typically no currency | By the state | Prices are mainly determined by the free market but there is government intervention |
| Incentives | Community survival | Working for the common good and/or external coercion | Self-interest and working for the common good |