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Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
In a command economy, individuals have less economic freedom.
Why is individual entrepreneurship less important in a command economy?
In a command economy, the government centrally plans and controls economic activities, which limits the scope for individual entrepreneurship. Resources, production, and distribution are managed by the state, reducing the incentives for private enterprise and innovation. As a result, individual entrepreneurs have little freedom to make independent business decisions or pursue new opportunities, making their role less significant in driving economic growth.
In a global economy governments have less control over economic activity?
yes in a global economy government has less control over economic activity
How does a monopoly impact the economy as a whole?
A monopoly can impact the economy by reducing competition, leading to higher prices for consumers, lower quality products, and less innovation. This can result in a less efficient allocation of resources and hinder overall economic growth.
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
In a command economy, individuals have less economic freedom.
Why is individual entrepreneurship less important in a command economy?
In a command economy, the government centrally plans and controls economic activities, which limits the scope for individual entrepreneurship. Resources, production, and distribution are managed by the state, reducing the incentives for private enterprise and innovation. As a result, individual entrepreneurs have little freedom to make independent business decisions or pursue new opportunities, making their role less significant in driving economic growth.
In a global economy governments have less control over economic activity?
yes in a global economy government has less control over economic activity
How does a monopoly impact the economy as a whole?
A monopoly can impact the economy by reducing competition, leading to higher prices for consumers, lower quality products, and less innovation. This can result in a less efficient allocation of resources and hinder overall economic growth.
What does ledc stand for?
what does LEDC stand for?Less economy developed country
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
Distinguish between withdrawals and injection expenditure in the economy by the Government?
withdrawals and injections are both a part of the circular flow of income. Injections are things that are providing finance or services into the economy for example exports. Withdrawals on the other hand are the things that are being taken out of the economy such as imports. If withdrawals are bigger then injections the country would be facing a deficit and negative economic growth. If withdrawals are less then injections then a country would be facing a budget surplus and economic growth.
What is meant by the term 'economic stagnation'?
The term 'economic stagnation' means a period of slow economic growth. Depending on the definition of the term, this means growth less than around 2% per year or significantly less than the growth predicted by experts. Causes can be poor economic policy, catastrophes and demographic developments.
In a command economy the question of what goods to produce is primarily determined by?
In a command economy, the question of what goods to produce is primarily determined by the government or central authority. This body makes decisions based on national priorities, economic plans, and societal needs, often aiming to meet specific goals such as industrial growth or social welfare. The allocation of resources and production targets are set through central planning rather than market forces. As a result, consumer preferences may be less influential in determining the types and quantities of goods produced.
Why might socialist have a less rigid command economy than a communist economy?
In a socialist society, various political systems may be combines with public control of the economy.
Forecasts of economists have?
been less accurate than forecasts of economic growth
Why might socialist society have a less rigid command economy than a communist?
In a socialist society, various political systems may be combines with public control of the economy.
