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What is a single central government makes decisions about what products to produce and what prices to charge?
A single central government that makes decisions about what products to produce and what prices to charge operates within a planned economy or command economy. In this system, the government controls all economic activities, determining supply, demand, and pricing rather than allowing market forces to dictate these factors. This approach aims to meet the needs of the population and achieve specific economic goals, but it can also lead to inefficiencies, lack of innovation, and limited consumer choice compared to market-driven economies.
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What are the characteristics of command ecomy?
There are a few main characteristics of a command economy. These include having the government make decisions about which sections produce what products, the demand being based on the decision of the market economy, and the pricing being decided by the government.
How does a command economy answer the question of what to produce?
A command economy answers the question of what to produce through the government. It is the role of the government to make key critical decisions in the economy.
Who owns the property in a centrally planned economy?
It is not necessarily fixed as to who has titular ownership of capital in a planned/command economy. Ownership of capital can reside in either private entrepreneurs or in government-owned industries; a number of planned/command economies allowed for a degree of private property ownership. However, the fundamental basis of control, such as decisions about what to produce and the quantity to produce, are vested exclusively in the government. In planned/command economies, the government can literally order private factories to make products that do not have a large market desirability and to avoid producing products that have large demand.
How are economic decisions made in a command economy?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
What are the characteristic of command?
There are a few main characteristics of a command economy. These include having the government make decisions about which sections produce what products, the demand being based on the decision of the market economy, and the pricing being decided by the government.
What are the characteristics of command ecomy?
There are a few main characteristics of a command economy. These include having the government make decisions about which sections produce what products, the demand being based on the decision of the market economy, and the pricing being decided by the government.
How does a command economy answer the question of what to produce?
A command economy answers the question of what to produce through the government. It is the role of the government to make key critical decisions in the economy.
In a command economy which factor answers the question of what to produce?
government decisions
Who owns the property in a centrally planned economy?
It is not necessarily fixed as to who has titular ownership of capital in a planned/command economy. Ownership of capital can reside in either private entrepreneurs or in government-owned industries; a number of planned/command economies allowed for a degree of private property ownership. However, the fundamental basis of control, such as decisions about what to produce and the quantity to produce, are vested exclusively in the government. In planned/command economies, the government can literally order private factories to make products that do not have a large market desirability and to avoid producing products that have large demand.
How are economic decisions made in a command economy?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
What countries has an economic system in which the central government decides what and for whom to produce?
North Korea
What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
societies make decisions about how to produce certain goods by?
considering whether companies or the government should make the goods.
What is a centrally run economy?
In a centrally-run economy, decisions about quantities and prices of goods and services to be provided are made by a small group, usually government bureaucrats. The opposite is a market economy, where such decisions are made - in theory - by private producers (sellers) and consumers (buyers). Neither type exists in its pure form.
In a command economy how are decisions made?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
In a command how are economic decisions made?
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
