ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.
Detailed explanation-2: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.
Detailed explanation-3: -Belarus. Cuba. Iran. Libya. North Korea. Russia.
Detailed explanation-4: -The government creates a central economic plan. The government allocates all resources according to the central plan. The central plan sets the priorities for the production of all goods and services. The government owns monopoly businesses. More items