ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command Economy
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Mixed Economy
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Market Economy
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None of the above
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Detailed explanation-1: -For example, in Australia, both private businesses and the government play a significant role in the economy. The private sector owns and operates many industries, such as mining, finance, and retail, while the government owns and operates industries such as healthcare, education, and transportation.
Detailed explanation-2: -Common ownership under socialism may take shape through technocratic, oligarchic, totalitarian, democratic, or even voluntary rule. A prominent historical example of a socialist country, albeit one run by communists, is the former Union of Soviet Socialist Republics (U.S.S.R.), also known as the Soviet Union.
Detailed explanation-3: -Socialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership.