ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market economy is when the government controls the production, allocation, and prices of goods and services
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -A market economy is a type of economic system where supply and demand (1) regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals.
Detailed explanation-2: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-3: -A market economy, also known as a free market or free enterprise economy, is a system in which economic decisions, relating to things such as the prices of goods and services, are determined by supply and demand.
There is 1 question to complete.