ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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market, mixed, and monarchy
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market, mixed, and oilgarchy
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command, market, and mixed
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democracy, traditional, and mixed
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Detailed explanation-1: -A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.
Detailed explanation-2: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-3: -An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
Detailed explanation-4: -The three basic decisions made by all economies are what to produce, how it is produced, and who consumes it.
Detailed explanation-5: -#1 – Partial State Control – The ownership of factors of production. #2 – Total Government Control – The state directly influences the functioning of the entities. #3 – Public-Private Control – There is a joint venture.