Business, 10.12.2019 12:31 mia3128

The government determines prices for goods and services in what kind of economy?

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Answer from: hannahdrumsey

The answer is A command economy

The government determines prices for goods and services in a command economy.

Explanation:

A command economy refers to an economy where the government makes economic decisions about what goods to produce, how much should be produced and the price at which the goods are offered for sale. The economy does not depend on the laws of supply and demand operating in the market.

Answer from: fallenangelsayshush

It is a command economy, where the government makes all economic decision. It doesn't allow market forces such as demand and supply to determine what, how much, and at what price they should produce goods or services. The goals of the command economy are to create equality within a society and to use resources to maximize social welfare.

Further explanation

Five characteristics of the command economy are:

The government creates a central economic plan. The government allocates all resources according to the central economic plan. The central economic plan makes prioritize for goods productions and services. The government owns monopoly businesses. The government creates laws and regulation to enforce the central economic plan.

Another type of economic system is a market economy which is an economic system regulated by supply and demand, not the government. Traditional economy, and a mixed economic system. Nowadays, many command economies began adding aspects of the market economy, we call it a mixed economic system.

Learn more

The goal of the command economy

Characteristic of command economy

The function of the economic system

Keywords: command economy, central government, characteristic of a command economy, economic system

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In line with other previous and contemporaneous proposals, in 1912 the meteorologist alfred wegener amply described what he called continental drift, expanded in his 1915 book the origin of continents and oceans and the scientific debate started that would end up fifty years later in the theory of plate tectonics.

Answer from: Quest

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