The economic system has a central authority in the management of the affairs of a country. This is very important for countries who are making progress as far as the economy is concerned.
Command Economy. :D
an economic system in which the central government directs all major economic decisions
For the United States, the Federal Reserve System is the central bank. This means it is the monetary authority for the U.S.
Planing means "the direction of production activity by a central authority".
Command
Command Economy. :D
Study Island Answer: They did not want a central authority like the British system
an economic system in which the central government directs all major economic decisions
For the United States, the Federal Reserve System is the central bank. This means it is the monetary authority for the U.S.
Planing means "the direction of production activity by a central authority".
Command
A command economic system is typically run by a central authority, such as the government or a central planning agency. In this system, the government makes all decisions regarding the production, distribution, and consumption of goods and services, often with the aim of achieving specific social or economic goals. Examples of countries that have historically operated under command economies include the former Soviet Union and North Korea. The system contrasts with market economies, where decisions are driven by supply and demand.
A central government that possesses all governmental authority.
federal system
Refering to the economic system it means that there is government ownerships and a central planning board.
at national or central level
at the national or central level