ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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workers are guaranteed a pay raise every year
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the gov’t controls most of the business in the country
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all basic goods are provided without charge
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companies produce goods of their choice and consumers decide whether to buy them
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Detailed explanation-1: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.
Detailed explanation-2: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The most important originators of communist doctrine were Karl Marx and Frederick Engels.
Detailed explanation-4: -Which of the following statements describe who will get the goods and services produced in a market economy? Those who are willing and able to pay and Those who have suffcient income and want to spend money on a particular good.