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: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.
Detailed explanation-2: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-3: -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-4: -Its goal is to supply enough food, housing, and other basics to meet the needs of everyone in the country. It also sets national priorities. These include mobilizing for war or generating robust economic growth. The government owns monopoly businesses.
Detailed explanation-5: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.