ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Socialism
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Market
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Traditional
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Detailed explanation-1: -In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.
Detailed explanation-2: -In its purest form, a command economy answers the three economic questions by making allocation decisions centrally by the government.
Detailed explanation-3: -Students will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.
Detailed explanation-4: -Government Controls Production in Command Economy The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.