Asked by Nicole Guerrero on May 14, 2024
Verified
Pure capitalism and a pure command system represent:
A) two different ways of answering the basic economic questions.
B) two names describing the same method of answering the basic economic questions.
C) the only two ways of answering the basic economic questions.
D) the most efficient ways to answer the basic economic questions.
E) two market systems of resource distribution.
Pure Capitalism
An economic system characterized by private ownership of resources and businesses, with minimal government intervention in economic activities.
Pure Command System
An economic system characterized by the public ownership of resources and centralized planning.
Economic Questions
Economic questions are fundamental queries about how societies allocate scarce resources to produce goods and services for consumption, including decisions on what, how, and for whom to produce.
- Discriminate between the features of different economic structures, such as pure command, mixed, and pure capitalism.
Verified Answer
Learning Objectives
- Discriminate between the features of different economic structures, such as pure command, mixed, and pure capitalism.
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