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How does a command economy differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
What are the characteristic of command?
There are a few main characteristics of a command economy. These include having the government make decisions about which sections produce what products, the demand being based on the decision of the market economy, and the pricing being decided by the government.
What are the characteristics of command ecomy?
There are a few main characteristics of a command economy. These include having the government make decisions about which sections produce what products, the demand being based on the decision of the market economy, and the pricing being decided by the government.
What type of economy is it where all economic decisions are based on age-old customs?
A traditional economy is where all economic decisions are based on age-old customs.
Economic decisions based on customs or beliefs are found in a?
Market economy
Why does Russia have a command economy?
The so called command economy of China is based on the reality that all major economic issues are decided upon by the Communist party leaders of this country.
Is Angola a free market economy?
It is an oil based Communist State.
What kind of economy does Singapore have?
Singapore is a parliamentary republic.its a politacal government
What is the difference between traditional economy and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What type of economy does Israel have?
Israel currently has a market economy. It was previously a command ecomony.
Who chooses what to produce in traditional economy?
Families, Clans, or Tribes within the a traditional economy decide what goods and services will be produced. This is based off the customs and traditions that have been followed for generations in said traditional economy
In a traditional economy what are the economic decisions based largely on?
In a traditional economy the economic decisions are largely based on custom. In all centrally planned economies the government makes all important economic decisions.Ê
