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Describe the major characteristics
of capitalism, socialism, and mixed
economic systems.
Step by step
Solved in 2 steps
- What are the main differences between a capitalist (market-based) and socialist (command) economic system?Friedrich Hayek advocated for an economic system based onIndividuals who wish for the state ownership of resources and for state control over economic activity are advocates of ________. A) capitalism B) a synthetic economy C) a market economy D) a mixed economy E) communism
- Which of these economic systems have the most in common? A Free-enterprise economy and market economy B Command economy and socialism C Command economy and capitalism D Market economy and capitalismwhat theory is biased on the idea that two economic systems capitalism and socialism will eventually adopt features of the other until there is a hybrid economic system in all societies?Which of the following is not correct about a socialist economic system? a. Absence of Economic stability b. Absence of technology c. Absence of monopoly d. Absence of competition
- describe the twotypes of economic systems: capitalismand command economy?In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this system, is there a greater gap between the rich and the poor?Marx held that to understand the fundamental relationships of capitalism, one had to look at the sphere of production rather than the sphere of exchange. Why?