ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is NOT one of the four basic economic systems?
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traditional
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command
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market
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mixed
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socialist
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Explanation:
Detailed explanation-1: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-2: -Key Takeaways. Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.
Detailed explanation-3: -Private ownership of productive resources is not the feature of socialist economy.
Detailed explanation-4: -Utopian socialism. Communism. Marxism. Anarchism.
There is 1 question to complete.