ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Mixed
|
|
|
Market
|
|
|
Command
|
|
|
Traditional
|
Detailed explanation-1: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-2: -A free market economy relies entirely on the free market and free market trends. There is no involvement or interference from the government or any such controlling power.
Detailed explanation-3: -The system with the highest level of government control is communism. In theory, a communist economy is one in which the government owns all or most enterprises. Central planning by the government dictates which goods or services are produced, how they are produced, and who will receive them.
Detailed explanation-4: -In a free market, government intervention will be absent. A free market economy is an economic system where the decision regarding investment production and distribution are guided by the forces of supply and demand.
Detailed explanation-5: -In market economy, the economy is a free market economy with no interference from the Government. The prices of the commodities in this economy are fixed on the basis of free forces of demand and supply in the market.