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Xavier Boateng Period 5 Command poster/comic (Facts :explode: (government…
Xavier Boateng Period 5 Command poster/comic
Facts :explode:
government makes all economic decisions
on what to produce.
Government choose what to produce
Government choose on how to give the products to.
Critics of command economies argue that planners cannot detect demand with sufficient accuracy unless they take into account price signals.
Government ownership of the means of production. In command economies, governments will own some or all of the industries producing goods and services.
In a command economy the food prices are very low.
Command economies are unable to efficiently allocate goods because of the knowledge problem, or the central planner's inability to discern how much of a good should be produced.
Biblography
http://encyclopedia.kids.net.au/page/co/Command_economy
myeclass.com
http://www.economicshelp.org/blog/glossary/command-economy/
https://www.britannica.com/topic/command-economy
http://www.businessdictionary.com/definition/command-economy.html
http://theinsuranceadvice.com/command-economy-advantage-disadvantage/
Facts :star:
Command economies could produce goods which benefit society and ensure everyone has access to basic necessities.
Command economies can prevent abuse of monopoly power.
Command economies can prevent mass unemployment, often a feature of capitalist economies.
The central authority in a command economy assigns production goals in terms of physical units and allocates physical quantities of raw materials to enterprises.
Bibliography :
facts :fire:
