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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Mixed
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Free market
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Command
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Detailed explanation-1: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
Detailed explanation-2: -In mixed socialism, the government owns and controls some, but not all, of the basic productive resources. Mixed market economies are market economies that have elements of socialism or traditional economies. The United States is considered a mixed market economy.
Detailed explanation-3: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-4: -Capitalism-individuals own the factors of production and answer the basic economic questions.