1. The market system and the command system are the two broad types of economic systems used...
Question:
1. The market system and the command system are the two broad types of economic systems used to address the economic problem. In the market system (or capitalism), private individuals own most resources, and markets coordinate most economic activity. In the command system
(or socialism or communism), government owns most resources, and central planners coordinate most economic activity.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials Of Economics
ISBN: 9780073511313
2nd Edition
Authors: Stanley L. Brue, Campbell R. McConnell, Sean M. Flynn
Question Posted: