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Reflective Question # 1: Venezuela is a Latin American country that is rich in oil preserves. This...

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Economics

Reflective Question # 1:
Venezuela is a Latin American country that is rich in oilpreserves. This petroleum sector is
mainly owned by the government, in a sense that it controls andprices it. The petroleum sector
constitutes around 85% of the exports in the country. In Venezuela,there are very few private
sectors.
Germany is one of the top 5 richest countries in the world. Itprovides its citizens varieties in
consumer goods and business services. But the government imposesregulations even in those
areas to protect its citizens. Thus, the decision about what toproduce is distributed among
private and public sectors.
1- What type of economic systems do Venezuela and Germany apply?Explain.
2- For a certain country to adopt a market economic system, whatare the decisions they need to
take? Illustrate by providing an example.

Answer & Explanation Solved by verified expert
3.6 Ratings (524 Votes)
Venezuelas economic system shows the features of the centrally planned economy where a decision regarding the central problem ie what to produce how to produce for whom to produce is taken by the government and factor of production ie land labor capital and entrepreneur is in the hand of    See Answer
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