ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Command
|
|
|
Market
|
|
|
Mixed
|
|
|
Traditional
|
Detailed explanation-1: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
Detailed explanation-2: -Advantages of a market economy include a high degree of individual freedom and customer satisfaction, a variety of goods and services, the incentive to take care of private property, and decentralized decision making.
Detailed explanation-3: -Country Rankings of Economic Freedom 2, 2022, Singapore, with its extremely low tax rates, minimal regulations on businesses, and highly capitalist system of economics, ranks first, being 84.4. % economically free. 1 Switzerland ranks a close second at 84.2% free, followed by Ireland at 82.0%.
Detailed explanation-4: -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.