ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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communist, mixed, market, socialist
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socialist, market, mixed, communist
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market, mixed, socialist, communist
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None of the above
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Detailed explanation-1: -Arrange in order from least government intervention to greatest government intervention; communist economy, market economy, socialist economy, mixed economy.
Detailed explanation-2: -Pillars of capitalism In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-3: -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-4: -In a true communist economy, the community makes decisions. In most communist countries, the government makes those decisions on their behalf. This system is called a command economy.