ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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mixed
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market
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command
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traditional
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Detailed explanation-1: -What do the economic systems of the United Kingdom, Germany, and Russia have in common? A. All are examples of pure market economies.
Detailed explanation-2: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.
Detailed explanation-3: -In conclusion the UK has a mixed economy, developed through free market and global economy, which is regulated by the Governnment to prevent market failure. The mixed market economy allows the market to operate and the government to only intervene where the market fails.
Detailed explanation-4: -Britain is a modern and developed country that has a mixed economy and the private sector is the most important. The public sector changes over the past two decades because the government has reduced public ownership and contained the growth of social welfare programmes.
Detailed explanation-5: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.