ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Poverty is always highest in countries with market economies.
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Most countries have all aspects of three economic types at work in their economies.
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Government planners do not know how to handle economic problems.
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Products made by traditional economies have no markets in the modern world.
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Detailed explanation-1: -Technically, almost every country can be considered a mixed economy, since it is difficult for a country to sustain economic activity without some degree of government intervention or market activity. Even North Korea allows a limited number of private markets.
Detailed explanation-2: -Why are most economies in the world today considered mixed economies? Most economies are considered mixed because most have some portion of the means of production under government control. Most economic systems also have some element of the market or capitalism.
Detailed explanation-3: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.
Detailed explanation-4: -There are several advantages of the mixed economic system. First, it provides opportunities for people to learn new skills and acquire new knowledge. Second, it gives an opportunity to people who do not have access to education. Third, it provides more employment opportunities than the traditional economic system.
Detailed explanation-5: -Characteristics of a Mixed Economy It safeguards private property. It permits prices to be determined by the free market and the principles of supply and demand. It is motivated by the self-interest of people. It enables the government to protect both the people and the market.