Question

Using complete sentences, compare and contrast the economies of Israel and Turkey. Explain what type of economy each country has and what industries each focuses on.

Answer 1

Answer:

Market economies and command economies occupy two polar extremes in the organization of economic activity. The primary differences lie in the division of labor, or factors of production, and the mechanisms that determine prices. The activity in a market economy is unplanned; it is not organized by any central authority but is determined by the supply and demand of goods and services. The United States, England, and Japan are all examples of market economies.