ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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dependent on the government’s agenda
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dependent on what the business owner likes to do
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dependent on what the consumer needs or wants
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None of the above
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Detailed explanation-1: -In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.
Detailed explanation-2: -In a mixed economic system, the private sector and public sector co-exist. There is a certain level of economic freedom so that the private sector can decide the use of capital and seek profits. It simultaneously allows the government to intervene in some economic activities and industries.
Detailed explanation-3: -In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed. In general, market forces prevail in mixed economies.
Detailed explanation-4: -The market economy answers these questions by letting the individuals choose what is best for them and their families. The mixed economy answers these questions by using individual decisions mixed with government intervention.