ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Market
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Mixed
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Command
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Detailed explanation-1: -Command economy disadvantages include lack of competition, which can lead to a lack of innovation and lack of efficiency.
Detailed explanation-2: -The disadvantages of a market economy include monopolies, no government intervention, poor working conditions, and unemployment.
Detailed explanation-3: -Some disadvantages could include: Creates scarcity due to an inability to plan for individual needs. Forces government rationing due to inability to calculate demand on set prices. Eliminates market competition, resulting in a lack of innovation and advancement.
Detailed explanation-4: -There is less economic freedom. Businesses do not have the freedom to make decisions about what to produce and how much to produce. The government can distort pricing signals, which can lead to inefficiencies in the economy. More items
Detailed explanation-5: -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