In which economic system does our country belong Why?
Free Market System The economies of the United States and other countries, such as Japan, are based on capitalism. In a capitalist economic system: Production is carried out to maximize private profit.
What system does the Philippines use?
The Philippines is a republic with a presidential form of government in which power is equally divided between its three branches: executive, legislative and judicial.
Which market system does the Philippines fall into?
The Philippines has a mixed economic system, which includes a range of private freedom, combined with centralized economic planning and government regulation. The Philippines is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).
What kind of economy does the Philippines have?
The economic system that the Philippines is in is CAPITALISM where capital goods are owned by private individuals or businesses. The production of goods and services is based on supply and demand in the general market (market economy), rather than through central planning…
Why is the Philippines a mixed economy country?
I think the most appropriate is a mixed economic system because it must be fair to the people and the government. It must be able to satisfy the needs of the population. The Philippines is a mixed economy because the government controls certain sectors such as public education. Ordinary citizens can also control their business.
How did the economy of Islas Filipinas grow?
The economy of the Islas Filipinas grew further when the Spanish government inaugurated the Manila Galleon trading system. Merchant ships, settlers, and military reinforcements made voyages once or twice a year across the Pacific Ocean from the port of Acapulco in Mexico to Manila in the Philippines.
How did trade help the Philippines' economy?
This trade made the city of Manila one of the largest global cities in the world, enhancing the growth of the Philippine economy in subsequent years. Trade also introduced foods such as corn, tomatoes, potatoes, chili peppers, chocolate, and pineapples from Mexico and Peru.
We are going through the four main economic systems, and we just learned about free markets, so now let's discuss command economies. What are they? What are …