Which economic orientations govern Western industrial societies ?
Correct answer: D. BOTH market and command
- A. Tradition
- B. Command
- C. Free Market
- D. BOTH market and command
Explanation
Western industrial economies generally combine market mechanisms with government direction, regulation and public provision. They are therefore mixed systems involving both market and command orientations.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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