ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Businesses are allowed to keep their profits.
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Entrepreneurs are encouraged to invent new products.
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Government planners decide what to produce.
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Private property rights are protected.
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Detailed explanation-1: -Most economic decisions are made by buyers and sellers, not the government. A competitive market economy promotes the (4) efficient use of its resources. It is a (5) self-regulating and (6) self-adjusting economy.
Detailed explanation-2: -A command economy is characterized by the most government control over the economy.
Detailed explanation-3: -Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services. The government is the central planner.
Detailed explanation-4: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.