ECONOMICS
ECONOMIC SYSTEMS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Free Enterprise
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Consumer Sovereignty
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Economic System
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Market
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Detailed explanation-1: - An economic system is a method used by a society to produce and distribute goods and services.
Detailed explanation-2: -An economic system is the method used by a society to produce and distribute goods and services.
Detailed explanation-3: -In a market economy, supply and demand drive economic decisions. The production of goods and services, investments, pricing, and distribution are in the hands of private enterprises. In a command economy, economic decisions concerning production and pricing rest with a central authority, such as a government.
Detailed explanation-4: -Market Economies A market economy is an monetary system where two forces, supply and demand, direct the production of goods and services.
Detailed explanation-5: -Different Types of Economies in the World There are four main different types of economies: traditional economies, market economies, command economies, and mixed economies.