Answered: Is the Chinese econmy communist,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Is the Chinese econmy communist, capitalist, market-socialist – or something else?

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Introduction

A specific geographic area's system of production, resource allocation, and distribution of goods and services is known as an economic system. It combines the numerous institutions, organisations, entities, decision-making procedures, and consumption patterns that make up the economic structure of a specific community.

Thus, every economy is a system that distributes resources for production, consumption, distribution, and trade.There are 3 major type of economy such as a) Capitalism. b) socialist c)mixed economy.

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