ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional, command, market, mixed
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Traditional, command, combined, market
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Communism, capitalism, free market, macroeconomics
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Microeconomics, macroeconomics, individual, traditional
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Detailed explanation-1: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-2: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.
Detailed explanation-3: -In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.
Detailed explanation-4: -There are three main types of economic systems: command, market, and mixed.
Detailed explanation-5: -The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange.