ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
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Free Market
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Traditional
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Mixed
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Command
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Explanation:
Detailed explanation-1: -A market economy is the opposite of a command economy. In a market economy, each person answers the 3 basic questions (what, for whom, how). People make decisions for themselves.
Detailed explanation-2: -Centrally planned economy: (aka command economy) Government decides everything. Example: communism. Mixed economy: Market-based economy where government plays a limited role.
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