ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The type of government a country uses.
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A plan that decides how a country’s resources are used.
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How citizens elect government officials.
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The method by which a country makes and distributes its currency.
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Detailed explanation-1: -What is an Economic System? Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources.
Detailed explanation-2: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.
Detailed explanation-3: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -: an economic system in which the elements of an economy (as labor, capital, and natural resources) are subject to government control and regulation designed to achieve the objectives of a comprehensive plan of economic development compare free economy, free enterprise.
Detailed explanation-5: -Different Types of Economies in the World There are four main different types of economies: traditional economies, market economies, command economies, and mixed economies.