ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.
Detailed explanation-2: -In a socialist society, the government determines what products are to be manufactured in accordance with the requirements of the society.
Detailed explanation-3: -A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.
Detailed explanation-4: -Command Economies Explained 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-5: -Detailed Solution In a socialist society, the government decides what goods are to be produced in accordance with the needs of society.