ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
traditional
|
|
|
command
|
|
|
market
|
|
|
mixed
|
Detailed explanation-1: -In a command economy, the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy.
Detailed explanation-2: -A market economy has freedom of choice and free enterprise. Private entrepreneurs are free to get and use resources and use them to produce goods and services. They are free to sell these goods and services in markets of their choice.
Detailed explanation-3: -Entrepreneurship and a Command Economy: They take on all the risks of starting the business, but then reap the rewards if successful. A command economy is an economic type where an authoritarian central government controls the production of goods, the resources, and the division of labor.
Detailed explanation-4: -Entrepreneurship thrives in a market economy. The traditional economy is use in developed countries. A mixed economy often results when a country shifts away from a command economy toward a market economy. The U.S. economic system is best described as a traditional economy. More items