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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 does pure command economy production?
A pure command economy is characterized by centralized government control over all economic activities, including production. In this system, the government makes all decisions regarding what goods and services are produced, how they are produced, and who receives them. This often leads to the allocation of resources based on political priorities rather than market demand, which can result in inefficiencies and a lack of innovation. Overall, pure command economies aim to achieve specific social or economic goals rather than responding to consumer preferences.
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.
How is it determined what goods and services will be produced in a command economy?
In a command economy, the government or central authority makes decisions about what goods and services will be produced based on national priorities, economic plans, and social needs. This planning process often involves setting production targets and allocating resources accordingly, with the aim of achieving specific economic and social objectives. Market demand is typically less influential, as the focus is on fulfilling the needs of the state and its citizens rather than responding to consumer preferences.
Who made all economic decisions?
Economic decisions can be made by various entities depending on the context. In a market economy, individual consumers and businesses make decisions based on supply and demand. In a command economy, the government or central authority typically makes all economic decisions. In mixed economies, a combination of both market forces and government regulations influences economic decision-making.
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.
Economic decisions based on customs or beliefs are found in a?
Market economy
What kind of economy does Singapore have?
Singapore is a parliamentary republic.its a politacal government
Is Angola a free market economy?
It is an oil based Communist State.
What type of economy does Israel have?
Israel currently has a market economy. It was previously a command ecomony.
