ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Command Economy:The state owns collective farms and all types of industry. Government officials make all major economic decisions. Market Economy:Farms and industry are privately owned and operated. Producers and consumers make most economic decisions. Traditional Economy:Subsistence agriculture is practiced on small family farms. Economic decisions are based on custom and habit. What can be concluded from the information?
|
|
Global competition is important in all three economies.
|
|
|
Central government is weakest in command economies.
|
|
|
Making a profit is very important in traditional economies.
|
|
|
Economic freedom is most practiced in market economies.
|
Explanation:
Detailed explanation-1: -Definition. A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.
Detailed explanation-2: -In a pure command economy, there is no private sector, as the central government owns or controls all business.
Detailed explanation-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.
There is 1 question to complete.