Question

Which type of Economic System?

In Country B, business owners decide what to produce, how much to produce, and who to produce for. The CEO of
Tarheelia Audio, one of the leading audio equipment producers in the country, recently decided to increase production
levels of the company's newest MP3 player model, and at the same time decrease production levels of their most
popular CD player. The
reason for the emphasis on MP3 players is that demand for CD players has decreased
dramatically as MP3 technology has taken over the market. Simply put, there is more profit to be made in the MP3
market
1. Type:
2. How do you know?

type :
a.traditional b.command
c.market d.mixed

Answer 1

Which type of economic system?

Each has its own distinguishing characteristics, although they all share some basic features. Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

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