ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stan planted a tree and raised it. In a command economy ____
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the tree belongs to Stan.
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the tree belongs to the Government.
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -East Germany, North Korea, and the former Soviet Union are all examples of command economies.
Detailed explanation-2: -Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-3: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-4: -Mixed economy: Market-based economy where government plays a limited role. This is the United States.
There is 1 question to complete.