ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Competition, entrepreneurship, no government intervention and extreme economic inequality would most likely exist in which of the economic systems below
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Traditional
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Free-market Capitalism
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Centrally-planned Command
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Equitorial
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Explanation:
Detailed explanation-1: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-2: -Any economy is capitalist as long as private individuals control the factors of production. A purely capitalist economy is also a free market economy, meaning the law of supply and demand, rather than a central government, regulates production, labor, and the marketplace.
Detailed explanation-3: -These include laissez-faire or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism.
Detailed explanation-4: -USA, UK, Germany, Japan, Singapore all are classic examples of capitalist economies.
There is 1 question to complete.