ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional Economy
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Command/Socialist Economy
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Market
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Mixed Economy
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Detailed explanation-1: -A command economy, also known as a planned economy, is one in which the central government plans, organizes, and controls all economic activities to maximize social welfare. Command economies, as opposed to free-market economies, do not allow market forces like supply and demand to determine production or prices.
Detailed explanation-2: -Command economies are characterized by large surpluses and shortages, monopolies, and prices set by the government.
Detailed explanation-3: -Socialism is an economic system characterized by social ownership, control of the means of production, and cooperative management of the economy.
Detailed explanation-4: -The government creates a central economic plan. The government allocates all resources according to the central plan. The central plan sets the priorities for the production of all goods and services. The government owns monopoly businesses. More items