examples of command economies include: North Korea, China, Cuba, and the former Soviet Union . what is a market economy?
Which is an example of a command economy?
The most famous contemporary example of a command economy was that of the former Soviet Union , which operated under a communist system. Since decision-making is centralized in a command economy, the government controls all of the supply and sets all of the demand.
What is a command economic system quizlet?
command economy- An economic system in which the government controls a country’s economy . market economy- an economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
What is the best definition of a command economy?
: an economic system in which activity is controlled by a central authority and the means of production are publicly owned .
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!
Which country is the best example of a command economy?
The most common and relevant example of a command economy is the Republic of China were after world war 2 the ruler of the country of China who was Mao Tse Tueng created an economy of communism.
What are the two types of command economies?
Is a command economy socialism or communism? A command economy is like a tree trunk, while socialism and communism are its different branches. Both socialism and communism are types of a command economy. In all three, the government controls businesses, resources, and economic activity in the country.
What are 2 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 country has characteristics of a command economy quizlet?
A command economy is one where the government makes most economic decisions, such as what will be produced, how it will be produced, and for whom it is produced. North Korea and Cuba are examples.
What is a command quizlet?
Terms in this set (12)
Command Definition. Authority that a commander has over its subordinates . – includes: Coordination of missions and welfare of those subordinates. Commanders intent. Precise and clear purpose behind tasks assigned to subordinates.
What is the other name of command economy?
The command economy, also known as a planned economy , requires that a nation’s central government own and control the means of production.
What do traditional and command economies have in common?
There are several similarities: Neither economy is based on “market forces” as we understand them today. ... In a traditional economy, culture determines that only certain kinds of goods can be produced; in a command economy, the centralized authority determines production .
How is China a command economy?
Since its establishment in 1949 and until the end of 1978, China maintained a centrally planned, or command, economy. The state directed and controlled a large share of the country’s economic output ; the state set production goals, controlled prices, and allocated resources throughout most of the economy.
Which is the best definition of a command economy quizlet?
command economy. an economy in which the government determines production, prices and income .
What is one characteristic of a command economy quizlet?
What is one characteristic of a command economy? The government controls the prices of most goods . ... The government cannot dictate which jobs citizens hold. There may be greater opportunity to become wealthy.
What is the difference between a command economy and a market economy quizlet?
The major difference between a command economy and a market economy is that a command economy the government controls what is produced and how it will be shared and in a market economy people have more freedom and can make their own decisions .
