Question
1.) Give the correct term for each of the following statement 1.1.1 The way in which economic activities are managed in a country \( \qquad \) - 1.1.2 the government decides how production will take place \( \qquad \) 1.1.3 An economy in which the economic activity of different countries is interrelated \( \qquad \)
Ask by Ball Ingram. in South Africa
Feb 24,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
1.1.1 Economic System
1.1.2 Planned Economy or Command Economy
1.1.3 Global Economy
Solution
Here are the correct terms for each of the statements:
1.1.1 The way in which economic activities are managed in a country \( \qquad \) - **Economic System**
1.1.2 The government decides how production will take place \( \qquad \) - **Planned Economy** or **Command Economy**
1.1.3 An economy in which the economic activity of different countries is interrelated \( \qquad \) - **Global Economy**
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Simplify this solution The Deep Dive
The correct term for the way in which economic activities are managed in a country is "economic system." When the government decides how production will take place, this is referred to as "planned economy" or "command economy." An economy in which the economic activity of different countries is interrelated is often termed "global economy" or "international economy."
