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1.What is an economic system?
Free Market Economic System
2.Give similar words for free market economy3.What do you mean by free market economy?4.Give 8 main features of market economy5.What is the influence of market economy towards consumer sovereignty?6.What is the relationship between market economy and wealth?7.How and Why does the government intervene in a market economic system?8.Give 10 advantages of market economy9.Give 6 disadvantages of market economy
Centrally Planned Economic System
10.Give similar names for centrally planned economic system11.What do you mean by a centrally planned economy?12.What are the 10 main features of a planned economy?13.What is CPC? And what does it do?14.What is the role of price and profit in a planned economy?15.Give 5 advantages of planned economy16.Give 6 disadvantages of planned economy
Transitional Economies
17.What do you mean by transitional economy?18.Give 8 features that you can observe during a period of transition
Mixed Economic System
19.What do you mean by a mixed economic system?20.What are the 2 types of classifications of mixed economic systems?21.Explain the followinga.I, II, III World countries
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