ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Some government control has never been successful.
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Government control always makes a market economy more profitable.
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Most consumers prefer government control to free market.
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Most countries have found they need a mix of free market and government control to be successful.
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Detailed explanation-1: -Why do most economies in the world today operate somewhere in between a market economy and a command economy? Most economies have found they need a mix of free market & some government control to be successful & protect consumers.
Detailed explanation-2: -Market economies have been adopted into many countries throughout the world that had formerly had command economies because they give the business owners more freedom to produce.
Detailed explanation-3: -In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.
Detailed explanation-4: -The economy collapsed when the stability conditions required for a successful command system, that had been present in the Soviet Union for seventy years, ceased to hold. These conditions can be defined by the equilibrium of a game of strategy played by a dictator and a producer.