ECONOMICS
ECONOMIC SYSTEMS
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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: -Many economists argue that a pure market economy cannot come about because people will always have incentives to use coercion (Cowen and Sutter, 2005; Holcombe, 2004). This working paper maintains that these economists leave out an important factor in social change.
Detailed explanation-2: -Understanding Free Market The critical feature is the absence of coercive impositions or restrictions regarding economic activity.
Detailed explanation-3: -A system in which economic decisions. about production and price are made. by producers and consumers, involving. little government intervention.
Detailed explanation-4: -Singapore’s economy is considered the freest, followed by Switzerland and Ireland, according to the Heritage Foundation’s 2022 Index of Economic Freedom. The United States ranks just 25th on the list. Venezuela and North Korea ranked last in terms of economic freedom in 2022.