ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market Economy
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Command Economy
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Liberated Economy
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Mixed Market Economy
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Detailed explanation-1: -In capitalist economic systems, such as that of the United States, consumers and producers individually determine which goods and services to produce and which to purchase.
Detailed explanation-2: -The U.S. economy is essentially a free market economy-an economic market that is run by supply and demand-with some government regulation.
Detailed explanation-3: -There are many different types of economic systems used throughout the world. Some examples are socialism, communism, and capitalism. The United States has a capitalistic system.
Detailed explanation-4: -A market economy has freedom of choice and free enterprise. Private entrepreneurs are free to get and use resources and use them to produce goods and services.
Detailed explanation-5: -Describe some of the economic choices people and producers in the United States are free to make. People choose their own occupations, employers, and uses for their money; producers choose where/how they produce.