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What are the fundamental elements of the free market economic system and how can businesses thrive within this system?
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What are the elements of economic power?
people trade market money
What combines the elements of pure economic systems?
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.
What kind of economy is one in which individuals and businesses make most economic decisions?
Market.
What is a true market economy?
Supply and demand influences the economic decisions of businesses and individuals.
What are the economic systems of the UK Germany and Russia?
they are all market with elements of command
What is the economic system where businesses are free to trade with little governmental control?
Market
What are the elements of economic power?
people trade market money
What combines the elements of pure economic systems?
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.
What kind of economy is one in which individuals and businesses make most economic decisions?
Market.
What is a true market economy?
Supply and demand influences the economic decisions of businesses and individuals.
What economy has economic freedom competition between businesses and decisions motivated by profit?
Market
Do you have a free market system in the US?
The economic system in the US is considered a mixed-economy. It has elements of both capitalism (free market system) and that of a socialist economy system.The economic system in the US is considered a mixed-economy. It has elements of both capitalism (free market system) and that of a socialist economy system.The economic system in the US is considered a mixed-economy. It has elements of both capitalism (free market system) and that of a socialist economy system.The economic system in the US is considered a mixed-economy. It has elements of both capitalism (free market system) and that of a socialist economy system.The economic system in the US is considered a mixed-economy. It has elements of both capitalism (free market system) and that of a socialist economy system.The economic system in the US is considered a mixed-economy. It has elements of both capitalism (free market system) and that of a socialist economy system.
Under what economic system do businesses primarily consider the demand for their goods?
A market-based economy.
What are the economic systems of the UK Germany and Russia?
they are all market with elements of command
A mixed economy combines elements of which two economic systems?
Market and command
What are the 3 types of economies?
Market Economy - Where consumers decide which goods and services they want and businesses provide these. Most businesses in a market economy are privately owned. The USA is an example of a market economy. Command economy - Where the government owns most businesses. The government decides what and how much will be produced. Russia and China used to have planned economies. Traditional economy - an economic system in which people make economic decisions based on customs and beliefs that have been handed down from one generation to the next. A mixed economy is another kind of economic system which bledns elements of the 3 above economic systems. It is not one of the 3 major types of economies.
What are two entities that make the majority of economic decisions in the free market?
Private households, and Private businesses
