ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market economy and capitalism
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Command economy and socialism
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Command economy and capitalism
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Free-enterprise economy and market economy
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Detailed explanation-1: -Over the last 300 years, capitalism has become the main economic system in our world . With capitalism, the means of production (the things needed to produce products and services) are owned and controlled by businesses or individuals, rather than the government .
Detailed explanation-2: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-3: -And finally, the most prevailing type of economic system among the world’s largest economies is the mixed system, which combines the features of the other types of economic systems (Amadeo, 2020).
Detailed explanation-4: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.