Asked by
Alexia Hobbs
on Nov 05, 2024Verified
Which of the following is an element of a command economy?
A) The market decides distribution.
B) The means of production are privately owned.
C) Production decisions are centralized.
D) The market decides what will be produced.
Command Economy
An economic system in which the government or central authority makes all decisions about the production and distribution of goods and services.
Centralized
A system or organization where decision-making and administrative processes are concentrated at a single point or center.
- Distinguish between different economic systems and their characteristics.
Verified Answer
SJ
Learning Objectives
- Distinguish between different economic systems and their characteristics.
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