Answered: he basic needs of the people are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In what economy , the basic needs of the people are controlled by the country and multinational

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The central economic problems can be solved in 2 ways- Market Economy (one in which all economic activities are organized through the market) and Central Planned Economy (one in which all important activities are planned and decided by the central authority or the government).

However, no economy is fully market oriented or centrally oriented as both private and public plays roles in better functioning of the economy.

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