ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
A government planning group makes most of the economic decisions for the people.
|
|
|
Anything that slows down or prevents one country from exchanging goods with another.
|
|
|
Economic decision are made by individuals who decide what to produce and what to buy.
|
|
|
Has characteristics of both a market and command economy.
|
Detailed explanation-1: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
Detailed explanation-2: -A market economy is an economic system in which individuals, rather than the state, own most of the resources. This includes land, labor, and capital. In a market economy, individuals control the use and price of these resources through voluntary decisions made in the marketplace.
Detailed explanation-3: -A market economy is governed by supply and demand.
Detailed explanation-4: -A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above.
Detailed explanation-5: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.