Distinguish between a command-and-control economic system and a price system
What will be an ideal response?
In a command-and-control economic system, economic decisions about resource allocation are made by a central authority, such as a central government or a king or queen. Under command and control, this central authority decides what items will be produced, how will the items be produced, and who will obtain those items. In a price or market system, the what, how and for whom issues are determined via decentralized decision making among buyers and sellers in the market.
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A vertical demand curve results in
A) no change in quantity when the supply curve shifts. B) no change in price when the supply curve shifts. C) no change in the supply curve being possible. D) no change in quantity when the demand curve shifts.
Samuel Gompers is most recognized for:
a. the invention of air brakes for trains. b. his role as an early union leader. c. invention of a steel manufacturing process. d. the development of refrigerated train cars.