ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -A mixed economy typically combines the features of a market-based economy with a strong public sector.
Detailed explanation-2: -A mixed economic system has features of both a command and a free-market system.
Detailed explanation-3: -Command economic system Also known as a planned system, the command economic system is common in communist societies since production decisions are the preserve of the government.
Detailed explanation-4: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.
Detailed explanation-5: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.