SSC MTS EXAM

SSC

WORLD GEOGRAPHY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Who has complete control over the market in a command economy?
A
Government
B
People
C
Supply
D
Demand
Explanation: 

Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices.

Detailed explanation-2: -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-3: -In a market economy, the government has a role. The government gives specific goods and services that are funded by taxes, such as military defense, environmental protection, and property rights protection. The government is also responsible for providing services that the private sector is unwilling or cannot offer.

There is 1 question to complete.