ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market
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Command
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Traditional
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Capitalist
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Detailed explanation-1: -Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services.
Detailed explanation-2: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.
Detailed explanation-3: -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-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.