ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Traditional
|
|
|
Command
|
|
|
Market
|
|
|
None of the above
|
Detailed explanation-1: -The disadvantages of a market economy include monopolies, no government intervention, poor working conditions, and unemployment.
Detailed explanation-2: -The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition. The main disadvantage of a traditional economy is that it tends to discourage new ideas and new ways of doing things.
Detailed explanation-3: -A free market economy promotes the production and sale of goods and services, with little to no control or involvement from any central government agency. Instead of government-enforced price controls, a free market economy allows the relationships between product supply and consumer demand to dictate prices.
Detailed explanation-4: -Market economies tend to produce inferior goods and services. It harms the environment. Outsourcing is frequent in a market economy. Commodity prices typically rise in a market economy. Economy imbalances occur frequently within a market economy. 24-Jul-2017