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what are the three institution of government that protect individuals right in a market economy, explain their functions
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- What are the types of economic systems? How will you differentiate Command from a Market economy?Why do governments intervene in free-market systems?In a market system, provide an example for when government can enhance or harm any of the processes involved in terms of what should be produced, how it should be produced, and for whom.
- What are economic systems, and how do they differ?What are the main differences between a capitalist (market-based) and socialist (command) economic system?Which of these economic systems have the most in common? A Free-enterprise economy and market economy B Command economy and socialism C Command economy and capitalism D Market economy and capitalism
- Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy? What about incentives as opposed to free offerings? What about trade?Does an individual consumer really have a voice in answering the basic four economic questions described in Types of Economic Systems?