alleryStart learning →The major economic systems of the world fall into which two broad categories?
AAgricultural economies and industrial economies
BDeveloped economies and developing economies
CFree market economies and planned economies
DOpen trading economies and closed economies
Answer & Solution
Correct answer: C. Free market economies and planned economies
1. The major economic systems fall into two broad categories.
2. The first is the free market, also called capitalism.
3. The second is planned economies, which include communism and socialism.
4. Many countries in practice use a mixed market system drawing on more than one of these.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.3 How Business and Economics Work_
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