ECONOMICS
ECONOMIC SYSTEMS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-2: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.
Detailed explanation-3: -A free market economy is one without government intervention or regulation. In a purely free market, buyers and sellers arrive at prices based only on supply and demand.
Detailed explanation-4: -There is a role for government in a market economy. Government provides certain goods and services. These services are paid for by taxes, and include such things as providing for the national defense, protecting the environment, and protecting property rights.