0
A command economy differs from other economic systems primarily in how decisions about production and resource allocation are made. In a command economy, the government centrally plans and controls these decisions, determining what goods are produced, how much, and at what prices. In contrast, market economies rely on supply and demand to guide these decisions, while mixed economies combine elements of both command and market systems, allowing for some government intervention alongside market forces. This central control in command economies often leads to inefficiencies and a lack of consumer choice compared to more market-driven systems.
What else can I help you with?
The Four economic systems?
There are four major types of economic systems. This includes the mixed economy, traditional economy, command economy, and market economy.
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
What are the three kinds of economic systems?
Market economy,traditional economy,command economy and mixed economy
What are four different types of economic systems?
Market Economy, Peasant/Command Economy, Subsistence Economy, and Traditional Economy.
A mixed economy combines elements of which two economic systems?
Market and command
The Four economic systems?
There are four major types of economic systems. This includes the mixed economy, traditional economy, command economy, and market economy.
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
What are the three kinds of economic systems?
Market economy,traditional economy,command economy and mixed economy
What are four different types of economic systems?
Market Economy, Peasant/Command Economy, Subsistence Economy, and Traditional Economy.
A mixed economy combines elements of which two economic systems?
Market and command
A mixed economy is a combination of which of the following economic systems?
Free-market and command
Under the command economy who decides the answer to the three questions the all economic systems must answer?
the people
What economic systems does US use?
The US of A has a mixed economy - a combination of market economy and command economy.
In what ways are the three economic systems alike what are the major differences?
The three economic systems are the command economy, the free-market economy, and the mixed economy; they are all the same because they refer to the production and circulation of goods and services. In the command economy all resources are owned by the government, in the free market economy all resources are owned privately, in the mixed economy resources are owned by both.
What combines the elements of pure economic systems?
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.
What economy is similar to command economy?
A planned economy is similar to a command economy, as both involve central authorities making decisions regarding production, distribution, and resource allocation. In a planned economy, the government or a central planning authority sets targets for production and consumption, while in a command economy, the government directly controls economic activities. Both systems prioritize collective or societal goals over individual preferences and rely on centralized planning to achieve economic objectives.
What are the 4 main types of economic systems?
the 4 main types of economic systems are: a market economy, a mixed economy, a planed economy, and a traditional economy
