GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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communism
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socialism
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capitalism
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mixed
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Detailed explanation-1: -A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.
Detailed explanation-2: -A command economy is an economic system where the government has control over the production and pricing of goods and services.
Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
Detailed explanation-4: -Planned Systems The system with the highest level of government control is communismEconomic system featuring the highest level of government control over allocation and distribution.. In theory, a communist economy is one in which the government owns all or most enterprises.
Detailed explanation-5: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.