ECONOMICS
PROPERTY RIGHTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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traditional economy.
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planned economy.
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market economy.
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mixed economy.
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Detailed explanation-1: -The USSR is the quintessential example of a centrally planned economy. A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.
Detailed explanation-2: -Mixed economies In many sectors, resources are allocated by a combination of markets and panning, such as healthcare and, which have both public and private provision.
Detailed explanation-3: -In a free market economy, the products are produced according to the satisfaction of consumers. Therefore, resources for production are allocated after doing a thorough analysis on consumer satisfaction which is regarded as the top most priority without comprising the goal of profit maximization.
Detailed explanation-4: -A market economy is one in which the allocation of resources and the prices of goods and services are determined by market forces, primarily supply and demand.