ECONOMICS
ECONOMIC SYSTEMS
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 mixed economy, private businesses can decide how to run their businesses (e.g. what to produce, at what price, who to employ, etc.). Consumers also have a choice in what they want to buy. In this system, there is also less income inequality.
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. In general, market forces prevail in mixed economies.
Detailed explanation-3: -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-4: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.
Detailed explanation-5: -A socialist system does not have a separate estate because everything is controlled by the government. Mixed economy: Mixed systems have characteristics of both the command and the market economic system. For this purpose, the mixed economic systems are also known as dual economic systems.