Use the drop-down menu to complete the sentence.
(1 point)
New Zealand and Australia both have
traditional economies.
command economies.
market economies.
mixed economies.
it's mixed
Sorry for the confusion. Yes, you are correct. New Zealand and Australia both have mixed economies.
To complete the sentence, you would need to select the correct option from the drop-down menu.
New Zealand and Australia both have: Mixed economies.
To determine the answer, you can start by understanding the different types of economies.
1. Traditional economies are based on customs, traditions, and barter systems, where goods and services are exchanged without the use of currency. This type of economy is typically found in rural or tribal societies.
2. Command economies feature centralized planning and control by the government. In these economies, the government determines the production, distribution, and pricing of goods and services.
3. Market economies are driven by supply and demand. In this type of economy, most economic decisions are made by individuals and businesses in the marketplace, with limited government intervention.
4. Mixed economies combine elements of both market and command economies. They feature a mix of private ownership and government control, with the government playing a role in regulating and providing certain goods and services.
If we consider the economies of New Zealand and Australia, both countries have mixed economies. They have a combination of private enterprises and government intervention in various sectors of the economy. This allows for a level of freedom and competition in the marketplace while also providing social welfare programs and regulations to protect public interests.