How are decisions made regarding goods and services in a command economy?

In a command economy, resources and businesses are owned by the government. The government decides what goods and services will be produced and what prices will be charged for them. The government decides what methods of production will be used and how much workers will be paid.

Who owns the factors of production in a command economy?

the government
In command economies, the government controls the factors of production and answers the 3 economic questions of what, how and for whom to produce for all of society. Command economies often associated with socialism, communism and authoritarianism.

Who in a centrally planned economy decides what goods and services will be produced with the scarce resources available in that economy?

A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.

Who makes the decisions about what goods to produce in North Korea who decides in the United States how can the decision affect the people living in those societies?

In a command economy, the economy is centrally planned and coordinated by the government. The government of North Korea determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale.

What produce to produce for whom to produce?

(3) For whom to produce. ADVERTISEMENTS: In nutshell, an economy has to allocate its resources and choose from different potential bundles of goods (What to produce), select from different techniques of production (How to produce), and decide in the end, who will consume the goods (For whom to produce).

Who gets the goods and services produced?

the central government
The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.

How does society decide how do you produce and distribute goods and services?

An economic system is the method used by a society to produce and distribute goods and services. Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.

Who decides what goods are made and offered for sale in free market economies?

producer
In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a (3) free-market economy are influenced by the pressures of competition, supply, and demand.

What produce to produce for whom to produce in economics?

This problems deals with the issue of deciding the category of people who will consume the goods. That is to produce goods for the poor or for the rich. Since the resources are scarce, the economy has to decide for whom it will produce goods.

What to produce means in economics?

From Wikipedia, the free encyclopedia. Production is the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).

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