ECONOMICS
ECONOMIC SYSTEMS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market economy
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Mixed economy
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Command economy
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Traditional economy
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Detailed explanation-1: -Also known as a planned system, the command economic system is common in communist societies since production decisions are the preserve of the government.
Detailed explanation-2: -The system with the highest level of government control is communism. In theory, a communist economy is one in which the government owns all or most enterprises. Central planning by the government dictates which goods or services are produced, how they are produced, and who will receive them.
Detailed explanation-3: -There are three main types of economic systems: command, market, and mixed.
Detailed explanation-4: -Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
Detailed explanation-5: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.