BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Market
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Tradionalist
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Mixed
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Detailed explanation-1: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Detailed explanation-2: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.
Detailed explanation-3: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.
Detailed explanation-4: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.