ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the government
|
|
|
no one
|
|
|
individuals
|
|
|
private business
|
Detailed explanation-1: -Ans. The government owns and manages the different sectors that produce various goods and services for the citizens.
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: -In a Socialist economy, the factors of production are all state-owned and all the factories, machinery, plants, capital, etc. are owned by a community in control of the State.
Detailed explanation-4: -A command economy is a type of economic system in which the government is the sole controller of most aspects of the economy. This includes setting prices, allocating resources, and dictating production levels.
Detailed explanation-5: -In a pure command economy, the basic economic questions are answered by the government, which owns the productive resources and handles distribution of goods and services.