ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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None of the above
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Detailed explanation-1: -Advantages of capitalism include efficiency, freedom, decentralization, a smaller role for government, and a high degree of consumer satisfaction.
Detailed explanation-2: -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-3: -Advantages of a market economy include a high degree of individual freedom and customer satisfaction, a variety of goods and services, the incentive to take care of private property, and decentralized decision making.
Detailed explanation-4: -Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.