Answer:
Economic systems are grouped into traditional, command, market, and mixed systems. Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs.
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You would want to turn on your headlights. When it is sunrise it could be foggy outside. So for cars in front or behind you to know you are there, you would need to have your lights on. after sunset, it is obvious as to why you need your headlights on. If you don't have them on, nobody can see you which will end in an accident (which will most likely be your fault.)
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All national governments agreed to abide by the "rules of the game" under the gold standard. The defense of a fixed exchange rate was required.
A monetary system known as the "gold standard" links a currency's value directly to gold. As a result, the money is guaranteed by the government and can be exchanged for a specific amount of gold. A fixed exchange rate helps to ensure the smooth flow of money from one country to another.
Gold standard means, The amount of gold that a nation's central bank or treasury kept constituted the upper limit on its money supply. Any change in its gold holdings had to be accompanied by an equal adjustment in the number of outstanding local currency units.
According to the "rules of the game," nations that lost gold were required to raise interest rates and reduce their money supply, while nations that gained gold were required to lower interest rates.
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Answer:
More than 5% of our GDP is produced by aviation, which generates $1.6 trillion in overall economic activity and provides almost 11 million jobs. The nation's top net export remains to be aviation production.
Explanation:
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