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

Solutions

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 1 year ago

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