ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional Economy
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Market Economy
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Command Economy
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Mixed Economy
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Detailed explanation-1: -The free market is an economic system based on supply and demand with little or no government control.
Detailed explanation-2: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-3: -Market economic system Market economic systems are based on the concept of free markets. In other words, there is very little government interference. The government exercises little control over resources, and it does not interfere with important segments of the economy.
Detailed explanation-4: -The system with the highest level of government control is communism. In theory, a communist economy is one in which the government owns all or most enterprises. Central planning by the government dictates which goods or services are produced, how they are produced, and who will receive them.
Detailed explanation-5: -Mixed economy: Market-based economy where government plays a limited role. This is the United States.