ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Free Enterprise
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Communist
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Socialist
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None of the above
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Detailed explanation-1: -Ans. The role of a limited government is one of the most significant elements of a market economy, also known as a free enterprise economy.
Detailed explanation-2: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
Detailed explanation-3: -Mixed economy: Market-based economy where government plays a limited role. This is the United States.
Detailed explanation-4: -Government has the coercive power to maintain law and order, protect people’s right to own property and enforce voluntary contracts people enter into. In essence, government provides the umbrella under which the free enterprise system operates.
Detailed explanation-5: -A command economy is an economic system where the government has control over the production and pricing of goods and services.