Define the characteristics of a market, command, and mixed economies. Provide the name of one nation...

Define the characteristics of a market, command, and mixed economies. Provide the name of one nation for each type of economy. Explain why you selected these examples.

2. Define the characteristics of capitalism, socialism, and communism. Provide the name of one nation for each type of economy. Explain why you selected these examples.

3. Conduct an Internet search and locate the U.S. unemployment rate at the height of the Great Recession (2009) and at the present time. What is your reaction to these numbers? Explain how these numbers changed. Be specific

Expert Solution

Answer:(1)In market economy which is free,private sellers or individual to trade on all economic resources without any barrier.India is an example of market economy nation.

Private individuals allowed to have to some control some of land,labour,physical capital and human capital in mixed economy.Sweden,France is an example of mixed economy nation.

In command economy all resources have authority of the state.Cuba and North Korea is an example of command economy nation.

(2)The government possess most of the land,labour,physical capital and human capital and also take decision on what products and services will be produce and takes decsion on resource allocation.This is also known as Communism.Example of Communist country are China

Private seller or business man according to their interest with goal of maximize their profit.This is known as Capitalism.Under this system,resources are allocated for finished products or services on basis of decsion taken by private firms,sellers or consumer.It is also known as Market System.United Kingdom and Australia are an example of Capitalism

Socialism believe finished products,goods and services have authority of public not any private seller or businessman because it is generally public who makes the society by contributing into it.So,they also entitle to have it.Cuba is an example of Socialist country.

(3)U.S. Unemployment Rate was 10% at the height of Great Recession(2009),currently it is 7.9%.At time of Great Recesion (2009),Trouble Asset Relief Program(TARP) bill passed by Congress for bailout program for falling business,equities and toubled banks.Idea behind this program to give some stability to market and ease out consumer debt.Things worked out slowly but gradually and TRAP program got an economic success.

Rahul Sunny answered 2 years ago

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