Asked by: Itiel Bakheloffbusiness and finance financial reform
Which two economic systems does choice play the smallest role?
Last Updated: 5th June, 2021
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Correspondingly, in which economic system does choice play the biggest role in which two economic systems does it play the smallest role?
Choice plays the biggest role in market economy system, It plays the smallest role in centrally planned economy.
Furthermore, what are the 3 basic economic problems? Several fundamental types of economic systems exist to answer the three questions of what, how, and for whom to produce: traditional, command, market, and mixed.
Simply so, what are 4 types of economic systems?
The Four Types of Economies. The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; traditional economy, market economy, command economy and mixed economy.
What roles does the government play in a command economy?
A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale. It also determines investments and incomes. The command economy is a key feature of any communist society.