Name three basic kinds of economic systems and explain how they differ
What will be an ideal response?
The two major economic systems are centrally planned economies and free-market economies. The two economic systems "differ mostly in how economic decisions are made. In a centrally planned economy, the rulers make all the basic decisions regarding what and how much will be produced where, and by whom. In a pure free-market economy, the market itself determines what will be exchanged. The whole system is in private hands and is driven by the desire of people and businesses to acquire goods, services, and wealth as they act in their self-interest." Neither of the economic systems actually exists as described. A third, hybrid type of economy is state capitalism. This economy is found in China, Russia, and the Gulf States. They have used their natural and human resources to build their economies, but democracy is limited.
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An ENSO will deliver warm equatorial waters to the western Pacific around Christmastime.?
Indicate whether the statement is true or false
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