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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Traditional
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Mixed
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Market
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Detailed explanation-1: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.
Detailed explanation-2: -What is a Command Economy? Command economy is a system where the government decides goods production, process, quantity, and price in a country. In this system, the government also manages income and investments. A communist nation like the former Soviet Union, Cuba, and North Korea work according to this system.
Detailed explanation-3: -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: -A command economy is characterized by the most government control over the economy.
Detailed explanation-5: -Belarus. Cuba. Iran. Libya. North Korea. Russia.