Question

1. Define the characteristics of a market, command and mixed economies. Provide the name of one nation for each type of economy. Explain why you selected these examples.

2. Define the characteristics of capitalism, socialism and communism. Provide the name of one nation for each type of economy. Explain why you selected these examples.

3. Conduct an Internet search and locate the U.S. unemployment rate at the height of the Great Recession (2009) and at the present time. What is your reaction to these numbers? Explain how these numbers changed. Be specific.

Answer 1

Answer 1

Characteristics of market

1. Existence of buyer and sellers of the commodity.

2.The establishment of contact between the buyers and sellers.

3.Buyers and sellers deal with the same commodity or variety.the market in economics is identified on the basis of the commoditt,similarity of the product is essential.

4.There should be a price for the commodity bought and sold in market.

2.characteristics of command economy

1.The government creats a central economic plan.

2.Allocates all resources according to the central plan.

3.The central plan sets the priorities for the production of all goods and servies.

4.the govt.owns monopoly bussiness.

3. Characteristics of mixed economy

1.co-existence of the private nd public sector.

2.existence of provate sector.

3.regulation of private sector.

4.private property.

5.motive of bussiness concerns

6.planned economy