How are economic decisions made in a command economy? The government decides what goods and services will be produced, how they will be produced, and how they will be distributed. What drives the choices of consumers and producers in a market economy?
Who makes the decisions in a command economy quizlet?
Government planners, not private individuals, make the economic decisions in a command economy. The government decides what goods and services are produced, how they are produced, and how and to whom they are distributed. You just studied 19 terms!
Who has the power in a command economy?
government central planners
A command economy is when government central planners own or control the means of production, and determine the distribution of output. Command economies suffer from problems with poor incentives for planners, managers, and workers in state-owned enterprises.
What are some elements of command in the US economy?
A command economy is an economic system controlled by the government. The state controls the land, the resources and means of production. Price and cost are not driven by supply and demand, but are set by the government.
Who makes the economic decisions in a traditional economy quizlet?
Who makes economic decisions in a traditional economy? Group based on their traditions.
Which of the following is an economic system in which economic decisions are made according to social roles and cultures?
Terms in this set (9) The country of North Korea has a dictator that makes all of the economic decisions. Which of the following is an economic system in which economic decisions are made according to social roles & culture? Traditional economy. A command economy is when the government is in control.
What is the main advantage of a command economy?
Command economy advantages include low levels of inequality and unemployment, and the common objective of replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
