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A command economy is one where a central authority controls all economic activity, 'commanding' what products are produced, and what crops are grown, investment and prices etc.
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What is the economy of North Korea would best be classified as...?
A command economy.
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
Which of the following describes a drawback of a command economy compared to a free market economy?
Answer this question… It reduces innovation by requiring all businesses to follow government orders.
Which economic system best describes the United States?
The U.S. economy can be best described as socialism B. The U.S. economy is a pure market economy.
What word best describes American economy in the 1920s?
fluctuating
What best describes why ancient Egypt could be described as a command economy?
D
What is the economy of North Korea would best be classified as...?
A command economy.
Which statement best describes Venezuela's economy?
primary
What BEST describes china's economic system?
mixed/command
What best describes Bulgaria's economy?
The economy has improved because of a government reform program. A+
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
Which of the following describes a drawback of a command economy compared to a free market economy?
Answer this question… It reduces innovation by requiring all businesses to follow government orders.
Which economic system best describes the United States?
The U.S. economy can be best described as socialism B. The U.S. economy is a pure market economy.
What word best describes American economy in the 1920s?
fluctuating
What is a characteristic that best describes United Kingdom's economy?
Traditional
What best describes the characteristics of a mixed economy?
The economy is allowed to operate with no regulations or government interventions.
Which term best describes the type of economy Libya has?
socialist The Libyan economy is controlled by the government.
