How is the allocation of goods and services production determined in a command economy?(1 point)
Responses
Businesses decide what to produce on the basis of market conditions.
Businesses decide what to produce on the basis of market conditions.
Consumers decide through their behavior in the marketplace.
Consumers decide through their behavior in the marketplace.
Central government planning decides what will be produced.
Central government planning decides what will be produced.
Supply and demand control production and price.
Supply and demand control production and price.
Question 2
Analyze the chart. Which statement best describes a comparison between East Asian economic systems?
(1 point)
Responses
China's ecomomy is purely market based and Japan's economy is purely command.
China's ecomomy is purely market based and Japan's economy is purely command.
China's economy is purely command, and Japan's is purely market.
China's economy is purely command, and Japan's is purely market.
Taiwan's economy is less market based than that of North Korea
Taiwan's economy is less market based than that of North Korea
North Korea has a more purely command economic system than China.
North Korea has a more purely command economic system than China.
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In a command economy, the allocation of goods and services production is determined by central government planning.
In a command economy, the allocation of goods and services production is determined by central government planning. This means that the government decides what will be produced, how much will be produced, and at what price. This differs from a market economy, where businesses decide what to produce based on market conditions and consumers decide through their behavior in the marketplace. In a command economy, supply and demand do not control production and price.
In a command economy, the allocation of goods and services production is determined by central government planning. The central government decides what will be produced, how it will be produced, and who will receive the goods and services. This is in contrast to a market economy, where businesses decide what to produce based on market conditions and consumers determine the allocation of goods and services through their behavior in the marketplace.
To answer the question about the comparison between East Asian economic systems, you would need to analyze the chart provided. Look for information about the economic systems of China, Japan, Taiwan, and North Korea. Compare the level of government control or planning in each economy to determine which statement best describes the comparison.