Question

What are the three ways that societies can organize themselves economically?

Short answer

Traditional, command and market oriented economies.

Step-by-step solution

Definition

Society:

A collection of people who share a similar social region or geographical area and are subject to the same dominant culture and political authority is referred to as a society. Most of the time, these individuals associate organized patterns of religious, cultural, political, economic, and other related reasons in the same region.

Explanation

They can be organized in one of three ways: market economy, command economy, or traditional economy. Consumers and businesses decide what they wish to produce and buy in the marketplace in a market economy. Traditional economies run their businesses in the same way they have for generations (i.e., tradition). Occupations are passed down through the generations. The majority of the families are farmers who continue to cultivate the crops they have always farmed using traditional methods. There is little economic advancement or development because things are guided by tradition.