ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
traditional
|
|
|
command
|
|
|
market
|
|
|
mixed
|
Detailed explanation-1: -A mixed economic system has features of both a command and a free-market system. because it is partly controlled by the government and partly based on the forces of supply and demand.
Detailed explanation-2: -Both socialism and communism are types of a command economy. In all three, the government controls businesses, resources, and economic activity in the country.
Detailed explanation-3: -Pure capitalism is a free, private economic system that allows voluntary and competing private individuals to plan, produce, and trade without government interference. A mixed economic system is an economy that allows private property ownership, but there is some government involvement.
Detailed explanation-4: -#1 – Partial State Control – The ownership of factors of production. #2 – Total Government Control – The state directly influences the functioning of the entities. #3 – Public-Private Control – There is a joint venture.