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What is the difference between a traditional and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What is an economic system in which individuals make decisions on what to produce called?
Market Economy
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.
Who makes the decisions in a private enterprise economy?
In a private enterprise economy, decisions are primarily made by individuals and businesses based on market forces such as supply and demand. Entrepreneurs and company owners determine what goods and services to produce, how to allocate resources, and pricing strategies. Consumers also play a crucial role by influencing demand through their purchasing choices. Overall, the interplay between producers and consumers guides economic decision-making in this system.
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.
What is the difference between traditional economy and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What is the difference between a traditional and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What is an economic system in which individuals make decisions on what to produce called?
Market Economy
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.
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 decides what to produce in a mixed economy?
In a mixed economy, the decisions regarding what to produce are affected by supply and demand. Producers will strive to make what is on demand so that they can make profits.
In a command economy which factor answers the question of what to produce?
government decisions
What happens in a traditional trade economy?
Individuals decide what to produce and how to product it.
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.
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.
How does Vietnam demonstrate that it is a command economy?
=Vietnam can be demonstrated as a command economy because it is a dictatorship and almost all of the decisions are made by the government, leaving no choice for individuals rights. In the command economy the government decides what to produce, distribute and consume. The government also decides the price of the product, how to make the product, how to sell the product, and also who to sell it to. Basically in a command economy there is no freedom. China used to have a command economy, but it no longer does not. Saudi Arabia is another example of a command economy too. This is how Vietnam can be demonstrated as a command economy.=
