In which economic system does choice play the biggest role? which two systems does it play the smallest role ?

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18-01-2020
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In which economic system does choice play the biggest role? which two systems does it play the smallest role ?

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br9531ma1113 br9531ma1113 · Answer 1 · 2020-01-18T08:52:40+01:00

Answer:

biggest role:The right answer is market economy system. Explanation: In this kind of system individuals are the owners of the factors of productions so they are the ones who decide what and how produce. ...

smallest role:The right answer is market economy system. Explanation: In this kind of system individuals are the owners of the factors of productions so they are the ones who decide what and how produce. ...

Explanation:

suchetasVT suchetasVT · Answer 2 · 2022-05-09T18:58:52+02:00

The two economic systems in which choice plays the smallest role are centrally planned and traditional economies, as these individuals are not allowed the choice to make their own economic decisions.

What do you mean by economic system?

Economic system refers to the production, allocation, and distribution of goods and services in a given society or a geographical area.

In a free-market economy, the individuals are the owners of the factors of production so they are the ones who decide what and how to produce.

In centrally planned and traditional economies, choice plays the smallest role.

Thus, In a free market economy choice plays the biggest role whereas in a centrally planned economy and traditional economies choice plays the smallest role.

To learn more about economic system refer:

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