ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Traditional
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Market (Mixed)
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None of the above
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Detailed explanation-1: -Government Controls Production in Command Economy The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.
Detailed explanation-2: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention.
Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The most important originators of communist doctrine were Karl Marx and Frederick Engels.