Which characteristic is PRIMARILY associated with a command economy?
Centralized decision making about what will be produced.
Which characteristic is primarily associated with command economy?
Which characteristic is PRIMARILY associated with a command economy? In a command economy, how is it determined what goods and services will be produced?
Consumers decide through their behavior in the marketplace
. Central government planning decides what will be produced.
What are the characteristics of a command economy quizlet?
- Economic Efficiency. -Government owns all means of production. …
- Economic Equity. Wages are set by the government and wages are the same for each job. …
- Economic Freedom. Decisions made by the government. …
- Economic Growth. …
- Economic Security. …
- Economic Stability. …
- Full Employment.
Which of the following is a characteristic of a pure command economy?
A command economy has a small number of typical elements:
A central economic plan, government ownership of the means of production, and (supposed) social equality
are essential features of a command economy.
Which of the following is a primary characteristic of a market economy?
A market economy has
freedom of choice and free enterprise
. Private entrepreneurs are free to get and use resources and use them to produce goods and services. They are free to sell these goods and services in markets of their choice. … Competition is another important characteristic of a market economy.
What are 5 cons to a command economy?
- Command economies tend to limit personal freedoms. …
- There is a lack of innovation with command economies. …
- It reduces the number of options available to consumers. …
- Command economies create underground markets. …
- There is little competition within a command economy.
Which country has characteristics of a command economy?
Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and whose officials direct all the factors of production.
China, North Korea
, and the former Soviet Union are all examples of command economies.
What are four characteristics of mixed economy?
Freedom. In mixed economy,
freedom of enterprise and profit motive
are the important features. Further there is competition between public and private sectors. These factors increase efficiency, initiative, innovation and productivity.
What is an example of a command economy quizlet?
examples of command economies include:
North Korea, China, Cuba, and the former Soviet Union
. what is a market economy? people in firms make all or most economic decisions.
What are the major problems with a command economy quizlet?
A pure command economy is completely run by the government. Problems include
low consumer priority, shortage of freedom of choice, inefficient central planning, wasted resources and environmental damage
. Compare mixed, transitional, and traditional economies.
What are the five characteristics of a traditional economy?
- Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering.
- Barter and trade is often used in place of money.
- There is rarely a surplus produced.
- Often, people in a traditional economy live in families or tribes.
Which is the best definition of a command economy quizlet?
command economy.
an economy in which the government determines production, prices and income
.
What are three characteristics of a mixed economy?
A mixed economy has three of the following characteristics of a market economy.
First, it protects private property. Second, it allows the free market and the laws of supply and demand to determine prices
. Third, it is driven by the motivation of the self-interest of individuals.
What are four important characteristics of a market economy quizlet?
- private property. …
- freedom of enterprise and choice. …
- motive of self-interest. …
- competition. …
- system of market and prices. …
- limited government.
What are the six major characteristics of a pure market economy?
What are the six major characteristics of a pure market economy?
Freedom of enterprise, little or no government control, freedom of choice, private property, profit incentive, and competition
.
What are the 5 main characteristics of capitalism?
Central characteristics of capitalism include
capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor
.
