Economic Goals - Efficiency, Freedom, Security and Predictability, Growth and Innovation, and Equity Characteristics Traditional Economy Command/Centrally
Fantastic news! We've Found the answer you've been seeking!
Question:
Economic Goals - Efficiency, Freedom, Security and Predictability, Growth and Innovation, and Equity
Characteristics | Traditional Economy | Command/Centrally Planned Economy (Socialism) | Free Market/Free Enterprise Economy (Capitalism) |
Who answers the three economic questions? | Tradition/Culture | Government | |
Role of Government | Almost none | To control the economy | |
Freedom of Choice | Almost everyone has the freedom of choice | Almost no one except the government has the freedom of choice | |
Ownership of Capital | Everyone owns everything | Government | |
Price Determination | |||
Higher Priority Goals | |||
Lower Priority Goals |
Mixed Economy (Varied levels of Socialism and Capitalism)
- Why are most economies mixed?
- A mixed economy is the best for a large economy because it gives you the advantages of a command economy and a free market economy and also allows you to minimize the disadvantages of both economies.
- What are some ways that the U.S. government has allowed for some individual control of the economy while still regulating it? Be specific. One is completed for you.
- The U.S. broke up Microsoft as a monopoly in 2000 to allow for more competition and fairer prices.
Related Book For
Managing Business Ethics Making Ethical Decisions
ISBN: 9781506388595
1st Edition
Authors: Alfred A. Marcus, Timothy J. Hargrave
Posted Date: