In what type of economy does the government try to control all factors of production? Please select the best answer from the choices provided A B C D

Complete Question:

In what type of economy does the government try to control all factors of production?

Group of answer choices

A. traditional

B. command

C. market

D. mixed

B. command

Explanation:

A command economy also known as planned economy can be defined as a type of economy in which a central government are saddled with the responsibility of controlling all the major aspects or sectors of an economy and economic output (productions).

Basically, the government is responsible for controlling the economy in aspects such as;

I. Determining what goods are to be produced and how they are to be produced.

II. The quantity of goods to be produced i.e the level of output (productions).

III. The price at which these goods are sold.

IV. Determination of income and investments.

V. Allocation of resources or factors of production such as land, labor and capital.

A command or planned economy is peculiar to communist societies such as North Korea, Cuba, Belarus, Libya, Iran, Russia etc.

Hence, in a command economy the government try to control all factors of production.

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