GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Is a system of recourse management in which decisions about production and distribution of goods, and services are made by a central authority (the government normally).
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Free Enterprise
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Capitalism
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Mixed Economy
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Command Economy
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Explanation:
Detailed explanation-1: -A planned economy (also called a command economy) is an economic system in which a government or ruler makes most or all of the important decisions about the production and distribution of goods and services in the society.
Detailed explanation-2: -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-3: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.
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