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An economy characterized by complete government intervention is known as a command economy or a planned economy. In this system, the government makes all decisions regarding the production, distribution, and pricing of goods and services, often aiming to achieve specific social or economic goals. Examples include the former Soviet Union and North Korea, where state control over resources and industries is extensive. This type of economy contrasts with market economies, where supply and demand dictate economic activity.
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How did mercantilism represent a form of government intervention in the economy?
Did mercantilism accept the intervention of government
Why does even a free market economy need some government intervention?
Even a free market economy needs government intervention to provide for things that the marketplace does not address.
Combines the principles of free choice and government intervention?
Mixed economy
How would the Chinese economy be characterized?
china's economy is a centrally planned economy with a high level of government control
System that combines the free market with some government intervention?
Market Economy A market economy is a system in which decisions on production and consumption of goods and services are based entirely on exchange, or trade; The answer to this is Mixed Economy.A mixed economy is a system that combines the free market with some government intervention.
How did mercantilism represent a form of government intervention in the economy?
Did mercantilism accept the intervention of government
Why does even a free market economy need some government intervention?
Even a free market economy needs government intervention to provide for things that the marketplace does not address.
Combines the principles of free choice and government intervention?
Mixed economy
What is characterized by more government ownership and central planning?
Socialist economy is characterized by more government ownership and central planning.
What type of economy is in the Philippines?
The Philippines has a mixed economy, consisting of both a market-driven private sector and government intervention through regulation and public enterprises. The economy is characterized by a diverse range of industries such as agriculture, manufacturing, and services.
How would the Chinese economy be characterized?
china's economy is a centrally planned economy with a high level of government control
During what decade of the twentieth century did Australia and New Zealand decide to dramatically reduce government intervention and regulation of the economy?
Is was the 1980s when Australia and New Zealand significantly minimized government intervention in the economy. The same was true for the United States.
System that combines the free market with some government intervention?
Market Economy A market economy is a system in which decisions on production and consumption of goods and services are based entirely on exchange, or trade; The answer to this is Mixed Economy.A mixed economy is a system that combines the free market with some government intervention.
The construction of Hoover Dam was the result of what kind of government intervention in the economy?
Public Work Program
The construction of the Hoover Dam was the result of what kind of government intervention in the economy?
public works program
What construction of hoover dam was the result of what kind of government intervention in the economy?
Public Work Program
What is the the type of economy where people carry on their economic affairs freely but are subject to some government intervention and regulation?
When people can carry out their economic business freely but are also subject to some government intervention and regulation, that is called a mixed economy. It is a mixture of capitalism and socialism.
