Question

Which type of economic system is Mongolia developing?

socialistic
communistic
free market
centrally-planned

Answer 1

Answer:

All values, unless otherwise stated, are in US dollars. The economy of Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production.

Answer 2

A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way. There are also different aims of the economic systems.