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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communist command economic system
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socialist command economic system
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market economy
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Detailed explanation-1: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-2: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-3: -Welfare state is completely different from socialism and communism. While socialism and communism are political ideologies, welfare state is a way of doing good things for the people.
Detailed explanation-4: -Socialism and the Command Economy In socialist countries, the state centralizes and controls economic decisions. A dictator or central planning committee decides what goods will be made, who will make it, how much to make, and who will buy it. The state does not control labor.