ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traidtional
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Command
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Market
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Mixed
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Detailed explanation-1: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
Detailed explanation-2: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
Detailed explanation-3: -A mixed economic system is a system that combines aspects of both capitalism and socialism.
Detailed explanation-4: -A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand.