ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market
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Command
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Mixed
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Traditional
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Detailed explanation-1: -A mixed economic system is a system that combines aspects of both capitalism and socialism.
Detailed explanation-2: -A combination of free market principles of private contracting and socialist principles of state ownership or planning is common to all mixed economies.
Detailed explanation-3: -In a command economy, governments own the factors of production and set prices and production schedules. In a market economy, prices are set by supply and demand. Most nations operate largely as a command or market economy but all include aspects of the other.
Detailed explanation-4: -In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.
Detailed explanation-5: -There are three main types of economic systems: command, market, and mixed.