ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
limited supply of goods and services
|
|
|
democracy
|
|
|
entrepreneur’s profit motive
|
|
|
all of the above
|
Detailed explanation-1: -Each has its own distinguishing characteristics, although they all share some basic features. Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-2: -Which of the following results from having scarce economic resources? The production of limited goods and services.
Detailed explanation-3: -The USSR is the quintessential example of a centrally planned economy. A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.
Detailed explanation-4: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.