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- Explain with examples various economic systems exist in the world. Oman following which economic system?Islamic muamalat is based on the Islamic economic system. Analyze the features of Islamic economic system in contrast to the conventional economic theories.In what type of economic system are the basic economic questions answered in the same way as in the past? A planned economyA traditional economyA command economyA market economy Flag this Question
- Please help. Explain each Theory of mercantilism Adam Smith’s Laissez-Faire Theory Karx Marx’s theory of socialism Theory of socio-economic development by Joseph Schumpeter newspapers or magazines to able to search for government programs for the development of MSMEsWhich of the following economic systems are concerned with addressing the fundamental economic systems? I. the traditional system II. the command system III. the market system IV. a mixed economy A. II,III, and IV B. Only IV C. III and IV D. I, II, and IVAccording to the principle of ___________ a society’s economic system molds the society’s legal system, religion,art, literature, political structure, and other social arrangements.
- Categorize the following as microeconomic or macroeconomic questions: (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?Explain why the three goals (economic growth,low unemployment, and low inflation) of macroeconomics are relevant?43. Sultanate of Oman is classified under which economic system? a. Mixed economy b. Communist economy c. Capitalist economy d. Socialist economy
- Critically discuss the types of economic systems which exist and provide examples ofcountries where the systems are maintained. Indicate which type of economic system isexhibited in the CSME.1.Explain what are economic systems? In your explanation, give indication regarding the role of an economic system 2. Discuss the nature of a Planned economic system? Your discussion should include:Ownership and Control of resources and Essential Decision making. 3. Give three (3) advantages and disadvantages of Planned Economies and Market economies. 4. Discuss the essential features of a mixed economy 5.Differentiate clearly between a Planned Economic System and a Free Market Economic System.Using the Venn Diagram, compare and contrast the stages of Economic Development by Renee O’Farrel and Dr. Roger Allen