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- The economic system where all the industries are owned by the government is called as ______________. a. Mixed economy b. Capitalist economy c. Command economy d. Economic systemIdentify the TRUE statement that describes capitalism, command or mixed economies. a. Scarcity of resources are only found in some economies in the world O b. Economic system resolves central problems of an economy Production possibilities does not solve the problem of what to produce O d. All of theseplease help me out please Economic Systems Essay Compare and contrast the ways in which traditional, market, and command economies answer the three major economic questions. Your essay should be structured around the three economic questions, and explain how each system answers those questions. Structure: 1. Introduction. 2. What to produce? 3. How to produce? 4. For whom to produce? 5. Conclusion. In each paragraph talk about how the economic systems answer the questions. You can create exmples to make your point.
- Which economic system is characterized by having all public or government owned resources? O Capitalism Socialism Market Economy O CommunismWhat is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers are accepted for this question Selected answers will be automatically saved. For keyboard navigation... SHOW MORE a b C To make choices about what to produce. e To make as much profit as possible. To make choices about how to produce the goods and services chosen. d To make choices about for whom to produce the goods and services. To make choices about when to produce the goods and services.2:03 wp a 70 Question 4 of 50 Capitalism refers to: O a traditional economy. O a command economy. O a market economy. O socialism. Back Next
- What are the types of economic systems? How will you differentiate Command from a Market economy?1. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic systemDecide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.
- O Efficiency Which of these economic goals is most important in a command economy? Growth Equit Freedom Efficiency Which of these economic goals is most important in a TraditionalQUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.O For whom are goods and services to be produced? Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals Who answers the three key economic questions in a Market economic system?