Explain characteristic of following  economic system   Free market economy   Command economic system

Q: Explain characteristic of following  economic system: Free market economy

A: Meaning of Free Market Economy: The term free-market economy is the situation under which there…

Q: As we look at contemporary real-world economic systems, it is evident that market socialism is an…

A: Answer-

Q: Describe the types of economic systems. Traditional economic system Command economic system Market…

A: The economic system shows way government or society organize and distribute the available resources…

Q: Comment on the degree to which a market economy establishes liberty for individuals.  Using ideas…

A: The economies around the globe work upon the basic idea of the study of economics, where the…

Q: Identify the application of economic principles and theories to the present economic condition.

A: Economics hypotheses: These extensively fall under two classes: microeconomics and macroeconomics.…

Q: Choose the economic system that ensures maximum freedom to individuals and businesses. a. Socialist…

A: The economic system refers to the system of an economy under which all the economic activities such…

Q: According to the principle of  ___________ a society’s economic system molds the society’s legal…

A: Research across disciplines indicates that cultures ultimately shape our thought habits across…

Q: source Allocation B. Resource Utilization C. How to maximize individual economic unit D. General…

A: Microeconomics is the branch of economics in which we study individual behavior regarding decision…

Q: Which one of the following helped the transformation of none-market economy to market economy a.…

A: Market Economy is the place where the economic decisions are made by following an economic system…

Q: Which of the following is not a typical characteristic of a market system? freedom of choice…

A: Option 3  Government production planning    the standard market system everything is closely-held…

Q: Which of the following statements about self-interest in a market system is false? In a market…

A: Self interest is one of the core fundamentals on which market system operates.

Q: QUESTION 21 Market, command, and mixed are all forms of A Market theories B Basic economic…

A: Maeket,mixed and command are all forms of Economic systems

Q: 1. In Your Own Point of View.. Which is More Productive in the Three Sectors Of Production  and…

A: Primary sector is the most productive sector.

Q: Microeconomic theory studies how a free-enterprise economy determines (a) the price of goods, (b)…

A: Microeconomics is the branch of Economics which studies the behavior of individuals, households and…

Q: An economic system is an ongoing process whereby people exchange material goods and personal…

A: In an economy, an economic system refers to the ideology or an approach to run the market in an…

Q: The political application of economic principles typically falls somewhere between two extremes:…

A: Here answer is “communism and Socialism”

Q: Which of the following is not a typical characteristic of a market system? A Freedom of Choice B…

A: The market is a location where the transaction of services and commodities takes place.

Q: Which of the following is not true about a mixed economic system?   a Some of the major resources…

A: A mixed economic system is secured from the amalgamation of a free-market and a command economy. It…

Q: the difference between Islamic Economics system and Capitalist Economic system

A: The Islamic economic system is the variety of rules, characteristics and standards of direct that…

Q: It is clear that productive inefficiency is a waste since resources are used in a way that produces…

A: Allocative effeciency refers to an economic situation that is commonly found in the ideal…

Q: Under __________, the means of production are owned by the government. a. Socialist economy b. Mixed…

A: An economic system can be defined as the system by which the available resources, goods, and…

Q: . Which of the following best explains the concept of an absolute advantage? Performing an economic…

A: Absolute advantage refers to the situation where one party can produce the same amount of goods and…

Q: Identify the TRUE statement that describes capitalism, command or mixed economies. O a. Scarcity of…

A: There are  various types of economic systems with different features.   The command economy is an…

Q: Describe the types of economic systems. Traditional economic system Command economic system Market…

A: Several eminent scholars and policymakers have classified various types of economic systems on the…

Q: The U.S. economic system is: O A command system A command and market mechanisms Based upon religious…

A: Command economy or command system is a economic system where government instead of free market…

Q: definition of standard economic theory

A: Economics: It relates to the production, distribution, consumption of goods and services.

Q: Economic is a social science that is considered a precise art.

A: The study of societies and the relationships among persons within those communities is referred to…

Q: Identify the gaps/flaws of Capitalist and Socialist economic systems.

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: Constrast the essential features of a market economy with those of a planned or command economy ?

A: Answer- Difference between market economy & planned or command economy  Market economy :- Market…

Q: characteristics of a goal location of microeconomics business concept

A: Microeconomics: Microeconomics is a part of financial matters that review people and firms' conduct…

Q: Which of the following statements accurately represent ideas proposed by Adam Smith?     a) the…

A: Adam Smith was an economist who is known as the Father of Economics. He wrote a book on Economics-…

Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…

A: "An economic system include different systems used by businesses/governments to interact and to…

Q: Explain characteristic of following  economic system: Command economic system

A: The economic system would depend on the power and functions on the various economic agents involved…

Q: Which one of the following is not likely to occur in a mixed economy? a. Means of productions are…

A: Which one of the following is not likely to occur in a mixed economy? The answer is - b. Total…

Q: How do countries deal with the problem of wanting neither a pure market nor a pure command economy

A: Introduction pure market economy with the scarcity, the problem of what to produce, how to produce…

Q: Which statement about economic systems is usually correct: Select one Oa The market system is based…

A: The economies, or nations around the world tend to operate with the presence of scarce resources.…

Q: An economic system is a mechanism that is used to organise an economy and to determine how the three…

A: An economic system is any system of dispensing scant resources. Economic frameworks answer three…

Q: Choose the one that is correct about capitalist economic system. a. Private ownership of factors of…

A: . The main features of capitalism are economic freedom, voluntary exchange, private property rights,…

Q: Explain what are economic systems? In your explanation, give indication regarding the role of an…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Economic Systems and Decision Making Economic System Three economic questions are determined by:…

A: Economic System refers to which societies or government organize & distribute available…