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: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-2: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.
Detailed explanation-3: -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-4: -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.