ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Free labor
|
|
|
Competition between businesses
|
|
|
Government control of industry
|
|
|
Government control of agriculture
|
Detailed explanation-1: -A command economy is the opposite of a free market economy. In a command economy system, there is one centralized power, which in most cases is the government. So the government makes all decisions regarding the economy. It will decide which goods and services will be produced, in what quantities.
Detailed explanation-2: -Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs. A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.
Detailed explanation-3: -Mixed Economic System. The mixed economic system, also known as the dual system, combines some of the characteristics of traditional, command, and market economies (Amadeo, 2020).
Detailed explanation-4: -Private property, freedom, self-interest, competition, minimum government intervention are the characteristics of a market economy.
Detailed explanation-5: -Belarus. Cuba. Iran. Libya. North Korea. Russia.