e the source below to answer the following question. onomic decision making is decentralized in a a free market e s distinction has become blurred by the trend in free market ect one:
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- Explain the difference between market capitalism, centrally planned capitalism, centrallyplanned socialism, and market socialism. Give an example of a country that illustrates eachtype of system.In market economies, most decisions are made by ___, while in command economies, most economic decisions are made by ___. Private citizens and firms; the government The government; households and firms Families, private businesses Households; local leadersWhich of the below statements is INCORRECT about about a specific market economy such as the U.S. (America), or market economies in general? Group of answer choices In market economies government bureaucrats direct everything from the number of bars of soap a factory can produce to the number who students who may study electrical engineering. Complex economies in which billions of transactions every day, the vast majority of which happen withou any direct government involvement. In the twentieth century in one market economy life expectancy increased from forty-seven years to seventy-seven, and infant mortality plunged by 93%..
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- An economic system is a mechanism that is used to organise an economy and to determine how the three central economic questions will be answered in that economy.Q.4.1 Briefly describe any two economic systems.Q.4.2 Evaluate the economic system adopted in each of the following countries:China, North Korea, Haiti, South AfricaImagine a society that produces Capital goods and consumer goods. a. Draw a production possibilities frontier for capital and consumer goods. Explain why it most likely has a bowed-out shape. b. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. c. Imagine that the society has two political parties, party A (who wants capital goods) and the party B (who want a consumer goods). Show a point on your production possibilities frontier that the part A might choose and a point the party B might choose. d. Imagine that our progressive neighboring country reduces the size of its consumer goods. As a result, both the Party A and B reduce their desired production of consumer goods by the same amount. Which party would get the bigger “technology dividend,” measured by the increase in capital production? Explain.Islamic economics must show its establishment as a FIELD of economics and economics. Islamic Macroeconomic Theory, including the discussion of Economics. Islam. Islamic Economic Theory is NOT included in the discussion of the Islamic economic system. However, the study and discussion of Islamic macroeconomics must intersect with the Islamic economic system. A. What is the difference between economics and an economic system? B. Show that the study of Islamic macroeconomics intersects with the Islamic economic system
- What do you think is/are the most effective and efficient economic system? Explain your answer applying it to the present economic condition.true or false Economic models must mirror reality or they are of no value. When economists make normative statements, they are more likely to be acting as scientists. If a country's worker can produce 5 hamburgers per hour and 10 bags of fries per hour, then absent trade with other countries,the price for 1 bag of fries is 2 hamburgers. If trade benefits one country, it's trading partner must be worse off due to the price of trade. If an advanced country has an absolute advantage in the production of everything(relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self sufficient.Describe three different kinds of economic systems.