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What is an economic system in which the government decides what will be produced how it will be produced who gets what is produced and who owns and controls the major factors of the production?
Wiki User
∙ 14y ago
Command economy.
wrooooooong!
Wiki User
∙ 14y ago
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What statement describe one major aspect of a command economy?
Supply and demand determines what will be produced.
What is the characteristics of mixed economic system?
# The private sector controls some part of natural resources and the government controls the other # The government plays an important role in resolving economic problems faced by society # Private ownerships and governments cooperate to produce goods and resolve together fundamental economic problems # The government also provides services such as education, health, military defense, legal and infrastructure to society. # The government influence in determining the goods to be produced.
What best describes a command economy?
A command economy is one where a central authority controls all economic activity, 'commanding' what products are produced, and what crops are grown, investment and prices etc.
Who owns the factors of production in a traditional economy?
The question is nonsensical. The factors of production require the existence of a consistent production, but this does not exist in a traditional economic system. All things that are produced are produced using common materials that are available to all and items are only created when they are necessary - not when a factory owner chooses to produce.
What is a command economic system is characterized by?
A command economic system is one in which people rely on the government to decide what products will be produced and who the products will be distributed to after they are produced.
What statement describe one major aspect of a command economy?
Supply and demand determines what will be produced.
What is the characteristics of mixed economic system?
# The private sector controls some part of natural resources and the government controls the other # The government plays an important role in resolving economic problems faced by society # Private ownerships and governments cooperate to produce goods and resolve together fundamental economic problems # The government also provides services such as education, health, military defense, legal and infrastructure to society. # The government influence in determining the goods to be produced.
What best describes a command economy?
A command economy is one where a central authority controls all economic activity, 'commanding' what products are produced, and what crops are grown, investment and prices etc.
Who owns the factors of production in a traditional economy?
The question is nonsensical. The factors of production require the existence of a consistent production, but this does not exist in a traditional economic system. All things that are produced are produced using common materials that are available to all and items are only created when they are necessary - not when a factory owner chooses to produce.
What is a command economic system is characterized by?
A command economic system is one in which people rely on the government to decide what products will be produced and who the products will be distributed to after they are produced.
What is a capital as a factor of production?
Capital as a factor of production entails goods that are produced through human labor in an economic system. This does not include Natural Resources or land.
The measurement of economic growth begins with the Gross National Production?
The measurement of economic growth begins with the Gross National Production. This is the measure of all the good and services that are produced by a country.
Is it fair that in a command economy the government owns and controls all aspects of the economy?
As this is a question seeking an opinion, this answer is an opinion as well. It is not "fact".NO. It is repugnant that the government should be the sole voice in determining what products should be produced and which products should remain unproduced. The government still has a valuable role in incentivizing production of some products and banning or de-incentivizing production of other products, but putting control of production exclusively in government hands has repeatedly produced product shortfalls, starvation, and overproduction of undesired products. Command economies have led to the death or malnutrition of millions of people.
What is an economic system in which government makes all economic decisions about how goods and services and produced and distributed is called?
Socialism.
The Ronald Reagan administration produced record government economic deficits?
True.
How many different economic systems exist?
Communism - land, means of production and property are owned by the people as a group, but the government makes all the economic decisions. The government decides which goods are available at a given time. Socialism - all land, property, and means of production is controlled by the government. All economic decisions are made by the government. The government decides what gods are produced. Capitalism (market economy) - entrepreneurs risk capital in a business. Economic decisions of what to produce is controlled by supply and demand. Price is controlled by demand for the most part. Private ownership is an important part of capitalism. Government decisions affect the economy in a capitalistic society. Barter- People trade for what they need.
How did mass production make economic boom?
It allowed large numbers of goods to be produced quickly and inexpensively
