What is one characteristic of a command economy?
1) citizens are responsible for providing their own health care.
2)citizens can easily start their own businesses.
3)the government controls the prices of most goods.
4)the government prohibits the use of money.

One of the characteristics of a command economy is the government controls the prices of most goods and services.

A command economy is where the government makes all economic decision. It doesn't allow market forces such as demand and supply to determine what, how much, and at what price they should produce goods.

The goals of the command economy are to create equality within a society and to use resources to maximize social welfare.

Five characteristics of the command economy are:  

Another type of economic system is a market economy, traditional economy, and a mixed economic system. Nowadays, many command economies began adding aspects of the market economy, we call it a mixed economic system.

The goal of the command economy

Characteristic of command economy

The function of the economic system

Keywords: command economy, central government, characteristic of a command economy, economic system

The correct option is (c) the government controls the prices of most goods.

Further Explanation:

Command economy is also known as a planned economy. When the planners of central government control or own the means of production and when they determine the output’s distribution, it is referred to as the command economy. This type of economy suffers from problems like poor incentives for workers, planners and managers in state-owned enterprises.

The planners of the central government in a command economy are failed to rationally determine proportions, quantities, locations, methods, and the timings of economic activities.

CHARACTERISTICS OF COMMAND ECONOMY

1. The goods and services are controlled by the government.

2. The finance decisions in the country are taken by the government.  

3. The state has power over resources.

4. It has privately-owned entities as well as state-owned entities. The state controls these entities.

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Learn More:

1. How did California differ from the United States in terms of interactions of whites and natives?

2. Under the articles of confederation, if Virginia had ten thousand citizens and Delaware had five thousand citizens, how many votes would each state have in the legislature?

Answer Details:

Grade: High School

Chapter: Command Economy

Subject: Social Studies

Keywords: government, command economy, planned economy, means of production, state, incentives, proportions

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1.) question:

how was the agricultural revolution related to the industrial revolution?

d.) improved agriculture led to population growth, which increased demand for goods.

2.) question:

which of the following happened first in the events leading to american independence?

c.) the meeting of the first continental congress.

3.) question:

what was one advantage that cities offered businesses and industrialists?

answer:

d.) transportation networks

4.) question:

what economic philosophy developed in response to the problems of industrial workers?

a.) socialism

5.) question:

how does this image relate to the jacobins?

b.) the jacobins used this machine to scare and execute those who supported the king.

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