ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a command economy would form
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government would take over
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specialization would increase
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there would be no need for markets to purchase goods and services
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Detailed explanation-1: -Without free markets, you have no free choice. Thus, when we restrict free markets with government regulations, people lose freedom: over what work to do, where and when to shop, what to buy.
Detailed explanation-2: -Market economies have little government intervention, allowing private ownership to determine all business decisions concerning how a business is run. This type of economy leads to greater efficiency, productivity, and innovation.
Detailed explanation-3: -The benefits of a market economy include increased efficiency, production, and innovation. The disadvantages of a market economy include monopolies, no government intervention, poor working conditions, and unemployment.
Detailed explanation-4: -Economic self-sufficiency means earning a total family income at a level that enables a family unit to support itself without receipt of a cash assistance grant.