GK
BUSINESS MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
In which type of economy does a central planning authority determine what, how, and for whom goods and services are produced?
|
|
command economy
|
|
|
mixed economy
|
|
|
capital economy
|
|
|
market economy
|
Explanation:
Detailed explanation-1: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.
Detailed explanation-2: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.
Detailed explanation-3: -An economic system is a way a society organizes the production, distribution, and consumption of goods and services. In a command economy, also known as a planned economy, the government makes all of the economic decisions.
There is 1 question to complete.