ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lottery
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Authority
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Sharing
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Majority rule
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Detailed explanation-1: -Mixed economies deal with scarcity by using a mixture of rationing and free pricing systems. For most goods and services, they are produced by businesses that respond to pricing changes to meet society’s demand for those goods.
Detailed explanation-2: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.
Detailed explanation-3: -Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services.
Detailed explanation-4: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed. In general, market forces prevail in mixed economies.