How is production determined under a command economic system?
A.)Production is decided by individuals and businesses.
B.)Production is determined by the laws of supply and demand.
C.)Production is determined by customs and traditions.
D.)Production is based on the government's goals.
A.)Production is decided by individuals and businesses.
B.)Production is determined by the laws of supply and demand.
C.)Production is determined by customs and traditions.
D.)Production is based on the government's goals.
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Explanation:
In market economies, there is private ownership of resources—established though property rights—and the factors of production and consumption are all coordinated through markets. In a market system, resources are allocated to their most productive use through prices that are determined in markets.
Answer:
A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale. It also determines investments and incomes.