Suppose that your retirement benefits during your first year of retirement are $80,000 per year which is just enough to meet your cost of living during the first year. However, your cost of living is expected to increase at an annual rate of 4.5% due to inflation. If there is no cost-of-living adjustment in your retirement pension, then some of your future living cost has to come from savings other than retirement pension. If your saving account earns 9% interest a year, how much should you set aside in order to meet this future increase in the cost of living for 25 years

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answerreactive approach;

-the personal ownership of property

-the influence of consumer demand

explanation:

the command economy prohibits the personal ownership of property.

basically, command economy is defined as the system where a nation’s government is the one that makes all the decisions when it comes to its economy. the government is the one who controls the production of goods and services and regulates the prices and salaries.

therefore, since that the government is the authority, then all kinds of personal ownership of property is prohibited by them.