ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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One person/group has total authority
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Multiple people negotiate with each other & vote
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Either A or B
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None of the above
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Detailed explanation-1: -Dictatorship: These are countries where the authority of one person controls the government. They also work in a command economy where the government controls many business sectors. For example, some middle east countries like Egypt, Iran, Libya, etc., run under a dictatorship.
Detailed explanation-2: -Which statement best describes a command economy? The government determines economic choices and makes most decisions.
Detailed explanation-3: -How Does a Command Economy Work? In a command economy, the government holds all the power. This means that it can issue directives to businesses, telling them what to produce and how much to produce. The government can also control prices.
Detailed explanation-4: -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-5: -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. More items