ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Traditional
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Mixed
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Market
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Detailed explanation-1: -Disadvantages of command economies include lack of competition, which can lead to lack of innovation, and lack of efficiency.
Detailed explanation-2: -Disadvantages of Mixed Economy Problems of corruption, Kickbacks. read more, black market, nepotism are prevalent in a mixed economy. Excessive state control in a mixed economy hinders the growth of private sector industries.
Detailed explanation-3: -The benefits of a market economy include increased efficiency, production, and innovation. The disadvantages of a market economy include monopolies, no government intervention, poor working conditions, and unemployment.
Detailed explanation-4: -Unemployment is low as the Government controls employment. Least financial wastage as supply of resources is regulated. Affordable market prices. Profit is not a primary objective. Negligible inequality of wealth. More items •19-Dec-2022