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The economic system typically associated with the lowest standard of living is a command or planned economy, particularly when poorly managed. In such systems, the government controls all aspects of production and distribution, often leading to inefficiencies, shortages, and lack of innovation. Examples can be seen in historically centralized economies like North Korea, where state control and limited market freedoms have resulted in widespread poverty and limited access to basic needs. Additionally, if such systems are coupled with political repression and corruption, the standard of living can plummet further.
What else can I help you with?
Which kind of economic system is best for raising a country's standard of living?
it would be
What system that distributes its resources and contributes to the standard of living and quality of life of its citizens?
Economic
What is standard living?
a way to measure how well the needs and wants of citizens are being met by a country's economic system.
What was the economic system of the US?
With the exception of the depression era of the 1930's (the stock market crash of 1929), our capitalistic system of government has given the citizens of the US a very high standard of living.
What is the primary goal of an economic system?
The primary goal of the economic system is to deliver to its citizens goods and services that they demand and aim for development for an increased standard of living.
Which kind of economic system is best for raising a country's standard of living?
it would be
What system that distributes its resources and contributes to the standard of living and quality of life of its citizens?
Economic
How do people determine which country has the best economy?
D. Standard of living is usually used to determine the best economic system.
What is standard living?
a way to measure how well the needs and wants of citizens are being met by a country's economic system.
What was the economic system of the US?
With the exception of the depression era of the 1930's (the stock market crash of 1929), our capitalistic system of government has given the citizens of the US a very high standard of living.
What is the primary goal of an economic system?
The primary goal of the economic system is to deliver to its citizens goods and services that they demand and aim for development for an increased standard of living.
What is a good economics system and how does it impact society?
A good economic system is one that efficiently allocates resources, promotes growth, and reduces inequality. It impacts society by influencing income distribution, employment opportunities, and overall standard of living.
What is economic system efficiency?
Economic system efficiency refers to the optimal allocation of resources to maximize output and minimize waste within an economy. It occurs when goods and services are produced at the lowest possible cost and distributed in a way that meets consumer demand. This efficiency can be assessed through various metrics, such as productivity, resource utilization, and the balance of supply and demand. An efficient economic system ultimately leads to higher standards of living and sustainable growth.
What country have tradiTional economic system?
I've been doing this in society and environment at the momentsome are;Ethiopia.Uganda.Most traditonal economic system countries are living in third world conditions
What are the differences between economic development and financial system?
Economics development is a measurement of how an economy is developing and takes into account the standard of living, environmental sustainability, social inclusion, competitiveness, infrastructure and human capital levels. The financial system is the system which allows the transfer of money between savers and borrowers.
What is the drawbacks of living in Belgium socialist economic system?
One of the drawbacks to living in Belgium in the Socialist economic system is the result of very high taxes. Belgium also has over 10 million people, so housing is also a problem.
Why is the standard of the living different in different countries?
As with individuals, nations have different amounts of wealth, and even if the wealth is fairly distributed, there will and is considerable differences in the standards of living among the several hundred nations in the world. As mentioned, regarding fairness of distribution, the standards of living can be different based on non subjective reasons. A nation that is rich in Natural Resources and can export these as well as use them internally to their best advantage will help lift the standard of living. A nation with a sound economic system will also help its standard of living. Another factor is the education level of a nations citizens. Generally the higher the level the higher the standard of living. A politically stable nation is best for a sound economy. Nations in the midst of civil strife and civil wars hurts its economy and helps lower its standard of living.
