The four institutions in colonial South America that were important to their way of life were "<span>the church, slavery, farming, and government" since this was the combination most conducive to extracting raw materials and riches. </span>
Answer:
Answer is in explanation
Explanation:
In a command economy, the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties. Some advantages can be less inequality because the government controls the means of production in a command economy, it determines who works where and for how much pay. This power structure contrasts sharply with a free market economy, in which private companies control the means of production and hire workers based on business needs, paying them wages set by invisible market forces. Low Unemployment Levels, Unlike the invisible hand of the free market, which cannot be manipulated by a single company or individual, a command economy government can set wages and job openings to create the unemployment rate and wage distribution that it sees fit. Disadvantages can be Lack of Competition Inhibits Innovation, Critics argue that the inherent lack of competition in command economies hinders innovation and keeps prices from resting at an optimal level for consumers. Although those who favor government control criticize private firms that esteem profit above all else, it is undeniable that profit is a motivator and drives innovation. At least partly for this reason, many advancements in medicine and technology have come from countries with free market economies, such as the United States and Japan. Inefficiency, Efficiency is also compromised when the government acts as a monolith, controlling every aspect of a country's economy. The nature of competition forces private companies in a free market economy to minimize red tape and keep operating and administrative costs to a minimum. If they get too bogged down with these expenses, they earn lower profits or need to raise prices to meet expenses. Ultimately, they are driven out of the market by competitors capable of operating more efficiently.
Austria felt that Serbia was overreaching its territorial boundaries and that the only way to forestall it was a preventive war. The death of Ferdinand provided a convenient excuse to go to war with Serbia. In support of Serbia, Russia mobilized its forces against Austria-Hungary, who had declared war on Serbia. Germany declared war on Russia. The United Kingdom and France, allies of Russia, also entered the conflict.
A web of alliances existed between many European countries. Austria allied with Germany, and Serbia allied with Russia. The alliances obligated each country to go to war on behalf of its allies. This dragged more and more countries into the war. The war pitted the Central Powers, consisting of Germany, Austria-Hungary, the Ottoman Empire and Bulgaria, against the Allied Powers, consisting of the United Kingdom, France, Russia and Italy. The United States ultimately entered the war on the Allied side.
It focuses on broad issues such as GDP, unemployment, inflation, interest rates etc.
