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What else can I help you with?
This type of economy is also known as capitalism?
mixed economy
How do I describe a mixed economy?
A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
Which countries have predominantly command economies?
North Korea and Cuba have command economies. Recently, China has implemented free market reforms into its economy, so it could be classified as a mixed command economy. Before its collapse in 1991, the USSR could also be considered a command economy.
The difference between a command economy and a demand economy?
A command economy is a private business that the government does not support. It is purely driven by consumers. They decide on what is produced. A demand economy is a business where only the government decides what is produced. There is also something called a mixed economy and that is when the government supports private businesses and decides what is produced for them.
What is different from a command economy and a mixed economy?
A Mixed economy is an economy that is both a planned and free enterprise economy.This means is has both STATE CONTROLLED economies and also PRIVATE OWNERSHIP economies. These 2 are commonly found the Caribbean, such as Barbados or Cuba for example. Free Enterprise is practically self explanatory. It if the economic system for people who own their own businesses such as shops. The Controlled economy is well obviously controlled by the STATE but this usually affects larger companies and businesses.
In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
Is US a traditional command or mixed economy?
Actually the United States is a Market Economy. Some people also call it free enterprise or a capitalism. The US could also be a mixed economy because the government also owns some things like railroads and some businesses but it is more of a Market Economy. This is where you make choices on what you want to make, how much you want it to cost, you are free to do anything without little government interference. A traditional economy is quite old now, this is where you trade or barter than actually paying anything. A command economy is where the government tells you what to make, how much it will cost, and you have to deal with the government more. A mixed economy is where there is a mixture of economic systems. To make it more plainer - The US could be either a Market or Mixed Economy but is more of a Market Economy!! Hopes this helps :D
Is China part of the command economy?
AnswerChina is no longer a command economy in that it has switched to market economic strategies in several of its sectors. Due to this, China is now a mixed economy.However, Saudi Arabia and Vietnam are some examples of a command economy. has also changed back in 2000
What is included in mixed economy?
Mixed economy included Capitalistic economy and also Socialistic economy. Capitalistic economy for profit earning and socialistic economy for social welfare.
What are types of economic system?
Free economic system which is also called capitalist economy Centrally planned economic system which is also called the socialist economy Mixed economic system Military economic system
How does Vietnam demonstrate that it is a command economy?
=Vietnam can be demonstrated as a command economy because it is a dictatorship and almost all of the decisions are made by the government, leaving no choice for individuals rights. In the command economy the government decides what to produce, distribute and consume. The government also decides the price of the product, how to make the product, how to sell the product, and also who to sell it to. Basically in a command economy there is no freedom. China used to have a command economy, but it no longer does not. Saudi Arabia is another example of a command economy too. This is how Vietnam can be demonstrated as a command economy.=
What is an economy controlled by the government?
An economy controlled by the government is called a centrally planned economy. It can also be referred to as a command economy.
