ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A command economy is that in which the goverment decides centrally on all economic decisions that affect the country. Therefore, the goverment own all means of production and all enterprises, which are managed by public powers.

Detailed explanation-2: -How has Turkey moved from a command economy to a mixed economy since the 1980s? Government still has a major role in industry, communication, banking, and transportation; but private enterprise is growing in agriculture, textiles, and manufacturing.

Detailed explanation-3: -Turkey has a mixed economy in which there is a growing private sector combined with centralized economic planning and government regulation.

Detailed explanation-4: -Turkey is one of the Emerging 7 countries. The World Bank classifies Turkey as an upper-middle income country in terms of the country’s per capita GDP. The CIA World Factbook adds Turkey to its list of developed countries (DCs) due to the country’s status as a founding member of the OECD.

Detailed explanation-5: -Turkey is a free market economy that can change hands in the process of the competition rules, leading the economy’s private and public sector to play a regulatory role in the implementation of liberal foreign trade policy as the barrier between the goods and services to individuals and institutions.