ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Traditional
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Market (Mixed)
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None of the above
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Detailed explanation-1: -People have very little incentive to be efficient or innovative. The most rigid and least responsive to change. The U.S. and most other countries are examples of this type of economic system. Consumers are only allowed to buy what the government allows in this economic system.
Detailed explanation-2: -The main incentives of the socialist or command economy is that it emphasizes on the social welfare of the people in the economy. The government intervention will lead to equal distribution of income and the wealth in the economy.
Detailed explanation-3: -Capitalism is an economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises. A free enterprise system is an economic system based on private ownership of the means of production and on individual economic freedom.
Detailed explanation-4: -The government creates a central economic plan. The government allocates all resources according to the central plan. The central plan sets the priorities for the production of all goods and services. The government owns monopoly businesses. More items
Detailed explanation-5: -Belarus. Cuba. Iran. Libya. North Korea. Russia.