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A command economy, also known as a planned economy, is characterized by centralized government control over the production and distribution of goods and services. The government makes all key economic decisions, determining what to produce, how much to produce, and the prices of goods, often aiming to achieve specific social or economic objectives. Resources are allocated based on a national plan rather than market forces, which can lead to inefficiencies and a lack of innovation. This system contrasts with market economies, where individual choices and supply and demand dictate economic activity.
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Why did the former soviet union use a command economic system instead of one based on price?
it had major shortages of many goods and services
An economic system that uses both free-market and command principles?
It's called a mixed economy, and that's what most economies in the world are. There are only a few exceptions. North Korea has a completely command economy, and perhaps the Grand Cayman Island has a completely free market economy.
Does Germany have a free market economy?
Germany has a free market economy to a great extent. The country has a social market which operates on the principles of a free market economy.
Is Haiti a free market economy or a command economy?
Yes, Haiti is a command economy. A command economy is when the government controls the economy and you are guaranteed a job. However, with a command economy, you cannot open your own business.
What is an example of command economy in the US?
The United States does not operate as a command economy; it is primarily a mixed economy. However, certain sectors, such as during wartime, have seen elements of command economy practices. For instance, during World War II, the government controlled production, directed resources, and set prices through agencies like the War Production Board to ensure efficient mobilization for the war effort. This approach exemplified command economy principles within a predominantly capitalist framework.
Why did the former soviet union use a command economic system instead of one based on price?
it had major shortages of many goods and services
An economic system that uses both free-market and command principles?
It's called a mixed economy, and that's what most economies in the world are. There are only a few exceptions. North Korea has a completely command economy, and perhaps the Grand Cayman Island has a completely free market economy.
Does Germany have a free market economy?
Germany has a free market economy to a great extent. The country has a social market which operates on the principles of a free market economy.
Is Haiti a free market economy or a command economy?
Yes, Haiti is a command economy. A command economy is when the government controls the economy and you are guaranteed a job. However, with a command economy, you cannot open your own business.
What is econony?
It is a command economy where the government controls the economy. It is a command economy where the government controls the economy.
What is an example of command economy in the US?
The United States does not operate as a command economy; it is primarily a mixed economy. However, certain sectors, such as during wartime, have seen elements of command economy practices. For instance, during World War II, the government controlled production, directed resources, and set prices through agencies like the War Production Board to ensure efficient mobilization for the war effort. This approach exemplified command economy principles within a predominantly capitalist framework.
The history of command economy?
what is the history behind command economy
What is a command economy system?
Command Economy is an example of Dictatorship.
What is Vietnams econony?
It is a command economy where the government controls the economy. It is a command economy where the government controls the economy.
Is North Korea a command economy or a free economy?
North Korea has a command economy.
Explain stalins use of command economy in Russia?
its his command in economy
What kind of economy is Mongolia command or market?
it is a command economy da
