The decision-making process involves interaction among many aspects of a nation's culture, such as its laws, form of government,ethics, religions, and customs. Each economic system can be classified into one of three basic types: (1) traditional, (2) command, or(3) market.1. Study Questions and Problems #1A central planning agency called the Gosplan set production quotas and prices for the entire economy. For example, the Gosplan decided what wages adairy farmer should earn, how much land can be used to grow hay, and what the cows should be fed. What type of economy best corresponds to thisculture?The market economyThe command economyO The traditional economyCapitalism SocialismCommunismOOIn the following table, indicate which economic system best matches each description.DescriptionAn economic system characterized by private ownership of resources and market-based delivery ofgoods and servicesAn economic system characterized by government ownership of resources and centralized decisionmakingA stateless, classless economic system in which all the factors of production are owned by theworkers, and people share in production according to their needsOOOOо

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Holcombe argues that focusing on economic inputs has discouraged government intervention into the economy misunderstands the importance of a free economic environment explains cases like Korea or Germany demonstrates that democracy and economic freedom go hand-in-hand
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