In Command Economies Who Makes the Final Decision

February 3 2022 by Prateek Agarwal. In a command economy the state owns and controls all resources rather than allowing public supply and demand to influence the nations economy.

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The government rather than the traditional free market economy laws of supply and demand mandates which goods and services will be produced and how they will be distributed and sold.

. Select the correct answer below. Ensures access to basic necessities. View 11docx from ECON 2302 at South Texas College.

The former Soviet Union and North Korea are two command. The government also makes decisions about incomes and investments. The president makes the economic decisions in a command economy.

The government decides what to produce how to produce goods and how to distribute goods and services within the economy Free market economy. Economics questions and answers. Ans- centralized A command economy is a system where t View the full answer Transcribed image text.

A command economy is an economy where government officials headed by the president make most of the decisions. 10102020 ECO102 Final Exam. There is a direct relationship.

The government owns some or all of the industries producing goods and services. For example in a command economy the economic decisions of a country are determined by the leaders and very little or nothing is determined by individual people consumers. Prevents monopolies by private businesses in identified crucial industries such as health and energy.

The government also regulates peoples incomes. In a command economy also known as a centrally planned economy the central government controls all major aspects of a nations economy and production. This policy reduces competition in the country and typically leads.

O Tasks are broken. Question 5 In command economies decision-making is Select the correct answer below. In a command economy the government makes the economic decisions.

If done properly and with adequate resources a command economy offers the following benefits. In a command economy the government makes the economic decisions. 1 Government ControlThe government of a nation creates a centralized plan for the economy general2 Budget and Allocation of ResourcesAfter setting goals for five years the government also makes policies allocate.

Society favors social welfare and equity rather than profiteering. You cannot invest your money as the government owns almost everything including land. Low levels or elimination of unemployment.

In a command economy the government or some other central authority controls and. In a command economy the _ either makes most economic decisions itself or at least strongly influences how the decisions are. Question 13 In command economies decision-making is Select the correct answer below O determined by the market O centralized O decentralized O decided by familial or traditional skillsets.

In a command economy system it is not the free market but the government that makes important decisions like which goods to produce what amount of these goods to produce and how much they cost. In a command economy a _____ authority usually makes the major decisions about production. Command economy is a form of economic system where production levels and rates are determined centrally by the government instead of demand-based production as like in case of market driven economy.

Government Controls Production in Command Economy. This means that they control industry including manufacturing and agriculture as opposed to being controlled by the markets. O determined by the market O centralized O decentralized O decided by familial or traditional skillsets Question 4 What is the benefit of having economies of scale.

As the name implies in a command economy aka planned economy the government has a plan which it uses to give orders to industries. 1 1 ptsQuestion 9 In a command economy the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made. YOU MIGHT ALSO LIKE.

Therefore the leader is responsible for determining the needs of the citizens of the country deciding what should be produced and carrying out a plan to create the goods and services that are needed. Economics Chapter 2 -. The term command economy refers to an economy in which the government dictates the production supply and prices of goods and services.

They decide on what goods to produce and its corresponding prices as well as how. Microeconomics - ECO102_520 market firm business sector 1 1 ptsQuestion 10 According to the law of supply. The objective of a command economy is noble and virtuous which eliminates the general population from the fear of the insecurity related to their basic needs.

Goods and services are produced by private enterprise with distribution occurring according to market forces. This means that they control industry including manufacturing and agriculture as opposed to being controlled by the markets.

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