ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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None of the above
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Detailed explanation-1: -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-2: -As many in history have experienced, capitalism is the ideal economic system for people around the world. Again, capitalism produces wealth and innovation, improves the lives of individuals, and gives power to the people.
Detailed explanation-3: -The best example of a global market economy is the US. The US has a free market where buyers and sellers fully control the production and pricing. As a result, the supply and demand of a product determine the companies’ investment and manufacturing decisions.
Detailed explanation-4: -Market economies have little government intervention, allowing private ownership to determine all business decisions concerning how a business is run. This type of economy leads to greater efficiency, productivity, and innovation.