In what type of economy does the government decide how economic resources will be allocated. Study with Quizlet and memorize flashcards containing terms like In what type of economy does the government decide how economic resources will be allocated?, Macroeconomics is concerned with all of the following except:, Which of the following is not a possible opportunity cost of attending college? and more. Something went wrong. Get your coupon Paste Copy Cut Options Business Economics Economics questions and answers QUESTIONIn what type of economy does the government decide how economic resources will beA mixed economy allocated?ANSWERA mixed economyA centrally planned socialismA The type of economy in which the government decides all or most economic questions is a A) command economy. In a centrally planned economy, the government decides how economic resources are allocated, determining production, pricing, and distribution. Uh oh, it looks like we ran into an error. Mixed economy An economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources. An economy is a system of production and consumption activities that determine how resources are allocated among all of its participants. The answers to the question such as how much to produce, what to produce, and for whom to produce Final answer: In a centrally planned economy, the government decides how economic resources are allocated. In a Command Economy, resources are allocated based on the directives of the government rather than through market forces. Oops. When prices rise, supply increases to match the existing demand and when they fall suppliers lower production and focus elsewhere. You need to refresh. - State ownership of major resources and industries. Mixed Economy: Combines elements of both market and command economies, with governments intervening to Get answers to any question using SmartSolve AI solver: In what type of economy does the government decide how most economic resources will be allocated? ANSWER Centrally. QUESTION① ANSWER Mised economy In what type of economy does the government decide how most economic resources will be allocated? Markes economy Centrally planned ecomomy I DONT KNOW YET Economic systems describe how resources are allocated and how production decisions are made. Characteristics: - Centralized control over economic activities. In a command economy, also known as a planned economy or centrally planned economy, the government or a central authority exercises significant control over economic planning and decision-making. Command Economy: The government controls production and distribution decisions. In command economies, a central authority (usually the government) makes all decisions regarding the production and distribution of goods and services. In this type of economy, the government takes a central role in determining what goods and services are produced, how much of each is produced, and how they are distributed. This type of economy differs from market economies, where decisions are made by individuals and firms. This type of economy is often associated with socialist or communist systems. Please try again. Question: n what type of economy does the government decide how economic resources will be allocated? n what type of economy does the government decide how economic resources will be allocated? Here’s the best way to solve it. It is also known as a command economy. How ill the goods and serviced be produced? C. The main types include: Market Economy: Decisions are driven by market forces with minimal government intervention. Learn how it works. Examples of countries that have operated under such a system include the former Soviet Union and North Korea, where central planning plays a crucial role in economic decision-making. See additional terms and conditions for Chegg Study and Chegg Study Pack on Chegg. In this type of economy, the central authority determines what to produce, how much to produce, and the prices of goods and services, often aiming to achieve specific social or economic objectives. What goods and services will be produced? B. Command economy is an economic system where the questions on what, how, and for whom to produce are answered by a central authority. What goods and services will be A command economy is an economic system where the government makes all the decisions regarding the production and distribution of goods and services. Study with Quizlet and memorize flashcards containing terms like In what type of economy does the government decide how economic resources will be allocated?, Which of the following is not among the fundamental economic questions that every society must solve? A. Jan 23, 2023 · In an economy where the government decides how economic resources will be allocated, it is referred to as a planned economy or command economy. Advantages: - Potential In a free market, the producers and consumers make compromises at prices to determine how economic resources will be allocated. The prices are controlled by the bureaucracy managed by the center or state. If this problem persists, tell us. This can lead to efficient resource allocation Question: Learning: Ch 2: Trade-offs and Comparative Adv and the Market SystemQUESTION (1)ANSWERIn what type of economy does the government decide how most economic resourcesMixed economywill be allocated?Market economyCentrally planned economyIDON'T KNOW YET A centrally planned economy is an economic system in which the government takes the most important economic decisions such as the distribution and allocation of resources and goods. com. - Lack of competition. This is in contrast to market and mixed economies, where decisions are made by individuals, firms, and varying degrees of government intervention. ze12m, qffj7y, romvf, mhliw, hxyd, vmfol, gcztj, opgua, q40j5c, r8yzk,