ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Traditional
|
|
|
Command
|
|
|
Market
|
|
|
None of the above
|
Detailed explanation-1: -In the U.S., there are some command elements such as defense, roads, public education and medical services for seniors. In all of these, the government is in control of the means of production, the costs and price.
Detailed explanation-2: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-3: -Supporters of a capitalist system point to the higher production, greater wealth, and higher standard of living displayed by capitalist countries such as the United States.
Detailed explanation-4: -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.