ECONOMICS (CBSE/UGC NET)

ECONOMICS

ECONOMIC SYSTEMS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The method used by a society to produce and distribute goods and services.
A
Free Enterprise
B
Consumer Sovereignty
C
Economic System
D
Market
Explanation: 

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.

There is 1 question to complete.