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: -Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production. East Germany, North Korea, and the former Soviet Union are all examples of command economies.
Detailed explanation-2: -What Is a Command Economy? A command economy is a key aspect of a political system in which a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services. Most industries are publicly owned.
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