What type of economies tend to produce higher wealth levels because they enable more efficient allocation of resources to promote sustainable,long-term economic growth?

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Quizplus · Accepted Answer

Market-oriented economies, such as those with free markets, tend to produce higher levels of wealth because they allow for competition, specialization, and innovation. Prices freely adjust to supply and demand, which helps allocate resources efficiently and promote sustainable, long-term economic growth. Centrally planned and command economies, on the other hand, are more likely to suffer from inefficiencies, lack of competition, and government control, leading to lower wealth levels.

What Type of Economies Tend to Produce Higher Wealth Levels