economic systems
what does an economic system do?
manage matters of production, services, regulations, and currency
Is a command economy considered free?
A (true) command economy is considered incredibly restrictive in consumer freedoms.
What are advantages of a free market economy
Adaptability, Freedom, and Growth
What does the American free market try to promote?
The main goal is to ensure competition is within every industry to prevent monopolies.
what is the difference between a wheel and a tire?
A wheel is the rim and the tire combined, while a tire is just the rubber section for traction.
What are the main three questions of an economic system has to answer?
What will we produce? How will we produce it? Who gets it?
How does a command economy theoretically achieve equal economic equality?
Since the government controls all aspects of production, the gap between the richest and poorest can be reduced.
What are some disadvantages
Monoploies, Fewer public goods/services, Negative externalities, cutting corners
Do you have the ability to start a business?
Almost anymone has the right to start their own business as this stimuates the economy and helps with diversity.
What channel width does IEEE 802.11ax use for the 6GHZ band?
Wifi 6E (IEE 802.11ax) uses a 160 mhz channel bandwidth.
Mixed economy
How "efficient" is this form of economy?
This economy is often deemed inefficient due to a lack of innovation and potential for growth through individual opportunities
Whats a country with a free market economy
New Zealand
What differentiates the American enconomy from a true free market?
regulations, government limits on certain products, and provides public services for the needy
Name a currency other than the US Dollar and the Mexican Peso.
currencies include but are not limited to: European Euro, Japanese Yen, Swiss Franc, Chinese Yuan, Brazilian Real, South African Rand, Indian Rupee, South Korean Won, Thai Baht
Does any country have a true form of any economy.
Most do, they all mix some elements from each.
Why do workers in a command economy lack incentives?
Salaries are controlled by the government, which makes progression harder
In a true free market economy, why are monopolies prominent?
There are no restrictions preventing a private business from under cutting an industry and making cost of entry higher.
What deos it mean to have voluntary exchange?
To be able to freely sell and buy goods, without strict regulation.
Electroacoustic transducer is another word for...
Audio driver/ Speaker (if housing is included)
What system allows government and indivuals to control the factors of production?
How can command economies react more quickly to certain circumstances?
Since control is centralized through the government, certain products and laws can be implemented and produced without external insight.
Are sophisticated public goods and services expected in this economy?
The free market is prioritizing private goods and services made by companies. Public services may take a lower priority.
What is the main incentive within the American economy?
Profit, money, cash money things.
What is explicit beamforming?
It is a digital beamforming scheme used by modern wifi access points to steer a beam directly to your device.