Lance lives in a country where the centralized government controls all (or most) of the resources in addition to making the production decisions. Based on this, what term best describes the type of economy where Lance lives? (1 point) Responses Free Free Command Command Labor Labor Market
Based on the information provided, the term that best describes the type of economy where Lance lives is a "command" economy. In a command economy, the centralized government exercises control over the allocation of resources and production decisions. The government determines what goods and services should be produced, how they should be produced, and who should receive them. The government takes an active role in planning and regulating economic activities, with little room for free market forces or individual choice.
The term that best describes the type of economy where Lance lives is a command economy. In a command economy, the centralized government controls and makes all or most of the production decisions and allocation of resources.
