ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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markets
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private property
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competition
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all of the above
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Detailed explanation-1: -A market economy has freedom of choice and free enterprise. Private entrepreneurs are free to get and use resources and use them to produce goods and services. They are free to sell these goods and services in markets of their choice.
Detailed explanation-2: -The four market structures are namely PC (perfect competition), MC (monopolistic competition), O (Oligopoly) and M (monopoly). Due to the unique features and differences in characteristics each market can be distinguished from one another. i. PC: there are large number of firms with large number of sellers.
Detailed explanation-3: -Based on a broad range of input from experts, academics, peers, and public opinion, the Foundation defines inclusive economies by five inter-related characteristics: participation, equity, growth, sustainability, and stability.
Detailed explanation-4: -The 3 basic characteristics of the economic perspective are a) supply, demand, and equilibrium.
Detailed explanation-5: -No government intervention in the economic system, including no legislative control over employment, production or pricing. Supply and demand drives production, the use of resources and sets prices. All goods and services are produced in the private sector. More items