ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cuba
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Russia
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Germany
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United States
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Detailed explanation-1: -Singapore’s economy is considered the freest, followed by Switzerland and Ireland, according to the Heritage Foundation’s 2022 Index of Economic Freedom. The United States ranks just 25th on the list. Venezuela and North Korea ranked last in terms of economic freedom in 2022.
Detailed explanation-2: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.
Detailed explanation-3: -Created by the United States Constitution, the U.S. has a mixed economy, meaning that it combines elements of the command and market economic models. In terms of consumer goods and business services, the United States economy operates as a free market.
Detailed explanation-4: -Market economic system Instead, regulation comes from the people and the relationship between supply and demand. The market economic system is mostly theoretical. That is to say, a pure market system doesn’t really exist.