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3 years ago

In this economic system, people completely control supply and demand, and the factors of production.

Social Studies

1 answer:

devlian [24]3 years ago

5 0

Answer:

Market

Explanation:

Here are a brief difference between the four systems.

Market : People/the Private sector control the supply/demand along with factors of production

Command : Government control the supply/demand along with factors of production

Mixed : Both the Government and the people control the supply/demand along with factors of production

Traditional : Traditions control the supply/demand along with factors of production

Under the Full market economy, people have the full freedom to determine the outcome in the market. The resources such as land, materials, and skills will be privately owned and the government has no influence within the market.

One advantage of this system is that the winners of the competition in the market will accumulate high amount of wealth in relatively fast period. But on the downside, lack government involvement often turns the competition dirty and those who hurt other individuals in the process wouldn't receive any repercussions.

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4 years ago

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2 years ago

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3 years ago