Question

Distinguish between a simple economy and a complex economy.

Answer 1

Complex economic systems have both good characteristics and bad characteristics.

A positive quality of complex economics is that it provides wide spread trade with a large range of resources, materials, and skills.

A simple economy assumes the existence of only two sectors, i.e. household sector and firm sector. 1.

Households are the owners of factors of production and consumers of goods and services.

Answer 2

Answer:

refer to the attachment