ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In my country, central planners decide when we should expand old factories and build new ones.
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Traditional
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Command
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Market
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Mixed
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Explanation:
Detailed explanation-1: -The government of a centrally planned economy decides where and when production and investment will be directed.
Detailed explanation-2: -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-3: -The purpose of a command economy is to ensure that the government can meet its economic goals. These goals may include ensuring that there is full employment, controlling inflation, or developing specific industries. This means that a command economy is not necessarily about maximizing economic output.
Detailed explanation-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.
There is 1 question to complete.