The government owns the factors of production
Government answers the question of who, what, and how to produce
Government eliminates choice and competition
What type of economic system is described?
A Capitalism
B Market
C Mixed
D Command
Can someone help me with this question? I have a hard time understanding this question. Help as soon as possible, please!
Somone please help :(
Help! I have to I need to pass my test I need this one question! anyone??
Based on the description provided, the economic system described is D) Command. In a command economy, the government owns and controls the factors of production, makes decisions on what and how to produce, and eliminates choice and competition by centralizing economic planning and decision-making.
Certainly! I'd be happy to help you understand this question.
The question is asking you to identify the type of economic system that is being described based on the given statements. Let's break down each statement:
1. "The government owns the factors of production": Factors of production refer to the resources used in the production of goods and services, such as land, labor, capital, and entrepreneurship. If the government owns these factors, it means that it has control over the means of production.
2. "Government answers the question of who, what, and how to produce": This statement suggests that the government plays a central role in making decisions about what goods and services are produced, the quantity they are produced in, and the methods used in production.
3. "Government eliminates choice and competition": This statement indicates that in this economic system, the government restricts or limits individual choice and competition among businesses.
Based on these statements, the type of economic system being described is a Command Economy, as indicated by option D.
In a command economy, the government exercises significant control over the allocation of resources, production decisions, and distribution of goods and services. Individual choice and competition are usually limited or eliminated, as the government makes most of the economic decisions.
I hope this explanation helps you understand the question better. If you have any further questions, feel free to ask!