Describe the differences among the three economic systems.
What will be an ideal response?
A pure market economy is characterized by the "invisible hand" of market forces noted by Adam Smith in The Wealth of Nations in 1776. The government takes a hands-off approach known as laissez faire. The government performs only functions the private sector cannot perform.A pure command economy is defined by a government taking, in the words of Lenin, the "commanding heights" in the economy. All factors of production should be government or state owned and controlled, and all supply, demand, and pricing are planned by the government.A mixed economy has elements of both a market economy and a command economy. It boils down to the relative distribution of market forces versus command forces.
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a. True b. False Indicate whether the statement is true or false
Massive amounts of data:
A) are often collected in production processes. B) can be automatically collected from web sites and credit cards. C) require sophisticated tools to store, process, and analyze. D) are sometimes called "big data." E) all of the above
Under a managed health care or prepaid plan you have a good deal of freedom to choose your doctors and hospitals
Indicate whether this statement is true or false.
In an information systems (IS) department, the ________ group manages computing infrastructure, including individual computers, in-house server farms, networks, and communications media.
A. maintenance B. network C. development D. operations E. technology