An economy in which decisions about the production of goods and services are made by a central authority is called?

Question

Social Studies

Kellie

4 July, 23:31

An economy in which decisions about the production of goods and services are made by a central authority is called?

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Beau Barry · Answer 1

The correct answer is command economy

Command Economy is an economic system whose production is controlled by the State, which defines the planning and goals of the country's economy.

Also called Centralized Economy or Centrally Planned Economy, it is the model proposed by Socialism.

Its objective is to supply the market and guarantee the social needs of the population, which is done through the economic prosperity of the State.