ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The president steps in to stop rising inflation
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The national government takes control of public education
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The government provides additional funding for welfare and unemployment
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The power to make decisions lies in the hands of the individuals
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The president allow inflation to rise without interfering
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Detailed explanation-1: -The United States, England, and Japan are all examples of market economies. Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production.
Detailed explanation-2: -Rankings of economic freedom vary depending on who is doing the ranking, but some economies generally considered free-market include: Hong Kong, Singapore, New Zealand, Australia, Switzerland, the United Kingdom, Canada, and Ireland.
Detailed explanation-3: -Capitalism. Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
Detailed explanation-4: -There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two.