ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Production of goods and services
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Distribution of goods and services
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Consumption of goods and services
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Destruction of goods and services
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Detailed explanation-1: -An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources.
Detailed explanation-2: -There are no two economies that are alike. These economies, on the other hand, share many of the same characteristics and attributes. As a result, economists have been able to distinguish four basic types of economies: traditional, command, market, and mixed economies. Let’s take a closer look at each of these.
Detailed explanation-3: -The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.
Detailed explanation-4: -Societies can be organized as traditional, command, or market-oriented economies.