Government owns the factors of production
Government answers the question of who, what and how to produce
Government eliminates choice and competition
Which term matches this type of economic system?
(1 point)
Responses
Capitalism
Command
Market
Mixed
Question 2
Typically, the term "mixed economy" refers to an economy with both...(1 point)
Responses
Agricultural and industrial sectors
Private and commercial sectors
Human and capital investments
Command and market elements
Private and commercial sectors
Typically, the term "mixed economy" refers to an economy with both...(1 point)
Responses
Agricultural and industrial sectors
Private and commercial sectors
Human and capital investments
Command and market elements
Command and market elements
In order to match the economic system described, we need to analyze the characteristics provided.
1. The statement says that the government owns the factors of production, answers the questions of who, what, and how to produce, and eliminates choice and competition.
- Based on these characteristics, the matching term for this type of economic system is "Command."
2. Moving on to the next question, we are asked what the term "mixed economy" typically refers to.
- The statement suggests that a mixed economy includes both command elements (where the government has control) and market elements (where individuals and private businesses have control).
- Therefore, the correct answer is "Command and market elements."