ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Free Enterprise
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Communist
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Socialist
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None of the above
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Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices.
Detailed explanation-2: -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-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-4: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
Detailed explanation-5: -In most communist countries, the government makes those decisions on their behalf. This system is called a command economy.