ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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competition among suppliers in the market influence the price of goods and services
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free access to the marketplace for producers who wish to earn a profit
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centralized/governmental control in decision making about what will be produced
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competition in the marketplace to provide consumer choice
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Detailed explanation-1: -What is the primary characteristic of a command economy? The central feature of a pure command economy is government control. Rather than letting market forces dictate the production of goods and services, the government determines economic priorities and controls production and pricing.
Detailed explanation-2: -A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. It doesn’t rely on the laws of supply and demand that operate in a market economy. A command economy also ignores the customs that guide a traditional economy.
Detailed explanation-3: -Following are some of the significant characteristics exhibited: Favor collective ownership and disfavor private ownership. The government controls factors of production. The government controls pricing, production, and distribution.
Detailed explanation-4: -Command economies have traditionally been associated with socialist/communist nations, whereas free-market economies have been associated with capitalism and democratic nations.
Detailed explanation-5: -Public ownership of major industries. Government control of production levels and distribution quotas. Government control of prices and salaries.