ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Mixed
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Market
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Traditional
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Detailed explanation-1: -Advantages may include the following: Provides incentive for innovative entrepreneurship. Gives consumers a choice in goods, services and purchase prices. Creates market competition for resources, resulting in quality offerings and efficient use of resources to produce goods.
Detailed explanation-2: -Centrally planned economies are different from market economies where large numbers of individual consumers and profit-seeking private firms operate most or all of the economy. Central planning allows the government to marshal society’s resources for goals that might not be achieved by market forces alone.
Detailed explanation-3: -Socialism. Socialism is an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society.
Detailed explanation-4: -Resources are efficiently allocated. A free market encourages competition. There is innovation and economic growth. Consumers are provided with many alternatives because the government does not restrict markets, allowing businesses from different countries to enter. More items •14-May-2022