ECONOMICS
TECHNOLOGY
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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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None of the above
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Detailed explanation-1: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies.
Detailed explanation-2: -In the U.S., there are some command elements such as defense, roads, public education and medical services for seniors. In all of these, the government is in control of the means of production, the costs and price.
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: -Government Controls Production in Command Economy The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.