ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government lets producers set wages for workers.
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The government does not own all homes and other forms of housing.
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The government allows consumers to make their own choices.
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The government controls factories and other forms of production.
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Detailed explanation-1: -In a socialist economy, the setup is exactly opposite to that of a capitalist economy. In such an economy the factors of production are all state-owned. So all the factories, machinery, plants, capital, etc. is owned by a community in control of the State.
Detailed explanation-2: -A socialist government with a command economy controls the factories along with other forms of production. The government controls factories and other forms of production.
Detailed explanation-3: -Key Takeaways In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.
Detailed explanation-4: -In a command economy, the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties and product pricing.
Detailed explanation-5: -Both socialism and communism are types of a command economy. In all three, the government controls businesses, resources, and economic activity in the country.