ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
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Mixed
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Traditional
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Market
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Command
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Explanation:
Detailed explanation-1: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.
Detailed explanation-2: -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-3: -A mixed economic system is a system that combines aspects of both capitalism and socialism.
Detailed explanation-4: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
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