Answer to Question #232125 in Economics for CCW

Question

Command Economic System:

Read paragraph + answer the questions below

1. Who controls factors of production?
2. Describe this system using important vocabulary words in reading
3. Where might you find this system in world today?

Link: https://drive.google.com/file/d/1gwZ1UvE5_j-y_1TFNU4c7guuv8CbcRj5/view?usp=drivesdk

Answer 1

1. In command economic system factors of production are controlled by the government.
2. If an economy has an access to many resources, with a great possibility it may lean towards a command economic structure. In this case, the government exercises control over valuable resources.
3. The command economic system is common in communist societies (Cuba, China).