Question

This country is a prosperous and modern economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. The country's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology production. Its economic and political stability, transparent legal system, exceptional infrastructure, and low business tax rates and minimal government established restrictions are key characteristics of this country's economic system. Is this a command economy or a market economy

Answer 1

The correct answer to this open question is the following.

This is a market economy. And we are referring to Switzerland, one of the greatest countries in the world to live and prosper.

A market economy has all the characteristics mentioned in the text above. It allows the competition of many industries with minimum governmental regulation. Prices of products and services are established by supply and demand. That number of industries allows the creation of many jobs and particularly in Switzerland people enjoy a high level of life with minimum poverty.

On the other hand, in a command economy, it is the state which decides what products are to be produced, how many, and the price is fixed by the government that totally controls the production process.