ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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court rulings and expert opinions
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government officials and military needs
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producer supply and consumer demand
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village elders and community tradition
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Detailed explanation-1: -Explanation: Competition is a key factor in all the economies.
Detailed explanation-2: -Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.
Detailed explanation-3: -A traditional economy is a system in which the development and distribution of goods and services are determined by customs, traditions, and time-honored beliefs.
Detailed explanation-4: -Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government.
Detailed explanation-5: -In practice, communism is an economic system in which all important economic deci-sions are made by government leaders. These leaders decide what, how, and for whom goods and services will be produced. The way goods are produced and distributed is controlled by government leaders for the good of society as a whole.