In the US, we have a mixed economy. You can find severa examples of a market capitalist economy, a command economy, and a traditional economy. Think about this as it applies to your life. Come up with an example of each
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- What are the types of economic systems? How will you differentiate Command from a Market economy?Per Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective? Would Adam Smith be in favor of the government managing electricity services? Define mixed economic system. Karl Marx predicted that a capitalist economy would have what consequences?What are the pros and cons of traditional economy?
- In a command economy, the government decides Select all that apply: which goods and services will be produced and the prices to be charged for them nothing about the economy each person's occupation based on tradition which methods of production will be used and how much workers will be paidIdentify the gaps/flaws of Capitalist and Socialist economic systems. What mechanism Islamic economic system provides to encounter those flaws?What are examples of society's widely accepted economic goals?