ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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mixed
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command
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market
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traditional
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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: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-3: -A command economy is characterized by the most government control over the economy.
Detailed explanation-4: -In a command economy, the government or some other central authority controls all aspects of the economy.
Detailed explanation-5: -Command economies stand in contrast to free-market economies, those in which the law of supply and demand determines output and prices. Command economies have been associated with communist nations whereas free-market economies have been associated with democracies.