ECONOMICS
PRODUCTIVITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
How to produce?
|
|
|
For whom to produce?
|
|
|
How much money should be printed?
|
|
|
What to produce?
|
Detailed explanation-1: -Centrally planned economy An economy in which the government decides how economic resources will be allocated.
Detailed explanation-2: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
Detailed explanation-3: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.
Detailed explanation-4: -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.