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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Market
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Command
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Democratic
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Detailed explanation-1: -Democratic capitalism, also referred to as market democracy, is a political and economic system. It integrates resource allocation by marginal productivity (synonymous with free-market capitalism), with policies of resource allocation by social entitlement.
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: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-4: -Social Service is not an economic activity.