Question

Please answer all in microsoft word

1.      Market Systems: Free-Market (capitalistic), Command (planned), Mixed economy, underground economy. Include the concept of property rights and market systems. US Constitution and Private Property Rights.

Answer 1

The allocation of the resource and optimum utilization of the resources is the main objective of any form of the economy the scarce resource is allocated through following the economic system.

The Free market economy where central problem of the economy through demand and supply mechanism individuals are free to choose there occupation and property right is given the individual.

The command economy where the resource is allocated by the government and property rights for the individual is not given to the people.

the mixed economy where both free market and government allocated the resource.'

The underground economy where the economic activities are not reported to the government example avoiding the taxation, earning money from selling drugs such activities are considered as an underground economy.