Which of the following types of economic systems is more widely adopted in the western world?...

Which of the following types of economic systems is more widely adopted in the western world?

Command

modern

market

Traditional

Expert Solution

Ans - (b) modern or mixed economic system refers to a economic framework adopted by nations where all decisions relating to what to produce , how to produce and for whom to produce is taken both by the government and market forces. Certain areas are operates by government like defence and some sectors like tourism , hospitality are open for market forces. Mostly countries in the west follow this system as it allows versatility in operation. Neither market forces can exert very high control and manipulate people nor government controls in every aspect reducing development. There remains a balance between the two.

Option(a) command economic system wherwin government exerts control over every decision. Like communjst societies, which is not very because of its rigidness.

Option(c) market economic system wherein government interference is very less. Everything is determined by market forces of demand and supply. Thereby giving little score of looking at the poor sections of the society. Hence not very popular.

Option(d) traditional economic system relies on certain rules and trends relating to economic activitvies. It doesnt promote efficiency and hence is not accepted widely.

Rahul Sunny answered 2 years ago

Identify the three types of economic systems. How do these three types of economic systems differ...

Identify the three types of economic systems. How do these three types of economic systems differ from each other? How are they the same? (

To this Question "There are different economic systems used around the world, with varying results. Which...

To this Question "There are different economic systems used around the world, with varying results. Which system do you think is best and why? What role does human nature play in determining how these systems may succeed?" (Dont answer quoted question) was answered by 2 people, Reply to each of their repsonses. 1. "Economic systems are an organized way in which a state or a nation allocates, produces and distributes its resources and apportions goods and services within a society....

What are the three major types of economic systems? What are the effects of economic systems...

What are the three major types of economic systems? What are the effects of economic systems on how organizations are structured in societies? can you please put the answer in your own words please and end please make sure I can read it I have bad eyes

Western observers of the planned socialist economic systems typically argued that these systems were “distorted.” What...

Western observers of the planned socialist economic systems typically argued that these systems were “distorted.” What does the concept of distortion mean, and why might it be relevant to an understanding of the transition process?

Which is more common in the modern economic world and why: perfect competition of monopolistic competition?...

Which is more common in the modern economic world and why: perfect competition of monopolistic competition? Do students benefit from a perfectly competitive markets?

GDP is very widely used throughout the world as a measure of Economic health. Come up...

GDP is very widely used throughout the world as a measure of Economic health. Come up with your own example, either real or a scenario, that shows a flaw with using GDP as the only indicator of the well being of a society. To maybe help with an example, think about this question: Is someone who makes $150,000 a year guaranteed to be happier than someone who makes $70,000 a year?

Define Economic Systems. Explain the available economic systems, which economic systems do you think is good...

Define Economic Systems. Explain the available economic systems, which economic systems do you think is good for developing countries. give reasons.

Which of the following policies was NOT adopted under China’s economic reform since 1978? A. Establishing...

Which of the following policies was NOT adopted under China’s economic reform since 1978? A. Establishing export processing zones to promote export-oriented industrialization B. Privatizing state-owned enterprises and removing government control over the financial sector C. “Opening the Door” to the West and utilizing foreign direct investment D. Reforming the agriculture sector by introducing market mechanisms gradually

discuss health technology that you think should be more widely adopted? why aren't we already using...

discuss health technology that you think should be more widely adopted? why aren't we already using this today? how can we start to transition to this health technology?

QUESTION 1: You are required to identify the economic systems adopted in Malaysia and North Korea....

QUESTION 1: You are required to identify the economic systems adopted in Malaysia and North Korea. Describe the characteristics of the economic systems for both countries. Provide suggestions to overcome the economic problems in Malaysia and North Korea. QUESTION 2: Find ONE article from the local newspaper or magazine related to fiscal policy in Malaysia. The article must be between January 2015 and January 2020. Summarise the article, highlight the important fiscal instruments used by the government in the chosen...

Question