ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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allocate scarce resources.
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collect taxes.
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improve productivity.
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invest in education and technology.
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Detailed explanation-1: -The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.
Detailed explanation-2: -In a market system, resources are allocated to their most productive use through prices that are determined in markets. These prices act as a signal for buyers and sellers. Most economies are mixed economies that lie between these two extremes.
Detailed explanation-3: -There are three main types of economic systems: command, market, and mixed.
Detailed explanation-4: -A market economy deals with scarcity by using prices to direct production and ration consumption of resources. A price signals to producers what the greatest demand is for any good or service is at any given time and incentivizes producers to find the most efficient means to fulfill it with scarce resources.