ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In my country, consumers don’t have a lot of choice in what they can buy.
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Traditional
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Command
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Market
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Mixed
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Explanation:
Detailed explanation-1: -A command economy is characterized by central ownership of property/resources, a centrally planned economy, and lack of consumer choice.
Detailed explanation-2: -What are two things that a command economy fails to provide consumers? Competition and consumer sovereignty.
Detailed explanation-3: -Some of the cons include a lack of efficient resource allocation, lack of innovation, and the needs/preferences of society may be ignored due to poor planning.
Detailed explanation-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.
There is 1 question to complete.