ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional economic system
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Command economic system
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Market economic system
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Mixed economic system
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Detailed explanation-1: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.
Detailed explanation-2: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.
Detailed explanation-3: -In a mixed economic system, free markets co-exist with government intervention, and private enterprises co-exist with public enterprises. The advantages of a mixed economy include efficient production and allocation of resources, as well as improvement of social welfare.
Detailed explanation-4: -Although aspects of the command system still exist, many countries of Central and South America have mixed economic systems. Mixed economies are economies that have characteristics of both market and command economies.