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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Command
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Market
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Socialist
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Detailed explanation-1: -SSEF4a Which type of economic system would have the least amount of government regulation? The United States economy is one in which producers are generally free to produce what they want, and consumers are free to purchase what they desire, so long as no laws are broken.
Detailed explanation-2: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-3: -In a free-market economic system, manufacturing and production are based on the powers of supply and demand with little or no government intervention.
Detailed explanation-4: -A command economy is characterized by the most government control over the economy.
Detailed explanation-5: -In a pure command economy, there is no private sector, as the central government owns or controls all business. In a command economy, government officials set national economic priorities, including how and when to generate economic growth, how to allocate resources, and how to distribute the output.