SSC
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Countries with a ____ economic system have larger, more developed and more profitable economies.
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Traditional
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Market
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Command
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None of the above
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Explanation:
Detailed explanation-1: -Arguably, growth is highest under a market economic system. A market economy’s greatest downside is that it allows private entities to amass a lot of economic power, particularly those who own resources of great value.
Detailed explanation-2: -Market economies have little government intervention, allowing private ownership to determine all business decisions concerning how a business is run. This type of economy leads to greater efficiency, productivity, and innovation.
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