ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No competition
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Total government control
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Production quotas for businesses
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Financial loss
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Detailed explanation-1: -The disadvantages of a market economy include monopolies, no government intervention, poor working conditions, and unemployment.
Detailed explanation-2: -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-3: -Answer and Explanation: Clearly, the statement that does not belong to a market economy is c) Prices act as a “visible hand” to direct economic activities in allocating scarce resources.
Detailed explanation-4: -Market economies tend to produce inferior goods and services. It harms the environment. Outsourcing is frequent in a market economy. Commodity prices typically rise in a market economy. Economy imbalances occur frequently within a market economy. 24-Jul-2017