ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command + Traditional
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Traditional + Market
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Command + Market
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Command + Producers
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Detailed explanation-1: -In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.
Detailed explanation-2: -For example, the United States is a mixed economy, as it leaves ownership of the means of production in mostly private hands but incorporates elements such as subsidies for agriculture, regulation on manufacturing, and partial or full public ownership of some industries like letter delivery and national defense.
Detailed explanation-3: -For example, a mixed economy contains the following principles from a command economy: economic equality, collective interest, public property and social programs. However, it also contains the following principles from a free market economy: economic freedom, self-interest, competition and private property.
Detailed explanation-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.