Despite a severely low amount of natural resources, Japan has a thriving economy. This is largely due to the freedom Japan's economy has had to explore and develop new technology. Such freedom is found in which type of economic system? A) Command B) Market C) Socialist D) Traditional

Question

Guillermo Gutierrez

History

4 December, 03:06

Despite a severely low amount of natural resources, Japan has a thriving economy. This is largely due to the freedom Japan's economy has had to explore and develop new technology. Such freedom is found in which type of economic system? A) Command B) Market C) Socialist D) Traditional

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Jazlyn Solis · Answer 1

The answer would be B ... Market

Market Economic system is an economy in which The decisions regarding any economic activity are based on market's supply and demand.

Unlike in command economic system where the government will tell their citizens exactly what to produce and what to sell, Market Economic system provided a free environment for the citizen to do whatever they want.

NB : Japan's industrialized free market economy is the second largest in the world