Question

Questions LU TUNU SLUuents, but your answers must be in your own words or they will receive a zero. And a are answering the questions on your exam, not putting the answers to someone else's questions. Question 15 List and briefly describe the 3 types of economies and an economist who favors each type of economy. HT BIVA -A- IX E F 3 1 1 xX, EE - DO N Vx @ GV @ 12pt - Paragraph - Ⓡ

Answer 1

There are three types of Economies @ Free, market , command and mixed. In a command Economy, the government decides the answer to the three Basic question. it decides What will be made , how they will be made and who will get them. In 1917 Vladimir Lenin created the 1st communist Comm and Economy The Free market Ello nomy Based on supply and demand with little or no government control the law of supply and demand rather than a central government it allows for Indi- Vidual to Innorate . Individual have the freedom to create new ideas new product and new Services to sell for profik.. Adam Smith Invented moclean free - market Economics. Switzerland and Australia round out the 2019 top five haring 81 % and 80% free Economees. Respectively. The social democratic theorist Eduard Bernstein adrocated a form of mixed Economy in Economic system in which Both the private enterprise and a degree of state monopoly coexist Adam Smith is called the Father of mixed Economy Mixed Economy is a mixture of Capitalism and socialism..

W command Economy The gordo decides @ what to produce 6 How to produce @ prices free marked @ free to chose your Work o free to be an Investore @ free to Be Earn profil @ free to set prices

Devid hollenbach has angued that Catholic Social teaching call for a new Form or mixed economy : Alexander Nove's conception of feasible Socialism outline an Elo nomic system, is ased on a combi- nation of stake. Enterprises for lange Industries, work en and consumer co-operatives