A system in which the government decides what goods and services will be produced, how they will be produced, for whom they will be produced, and who owns and controls the major factors of production is referred to as a ____ economy.

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Quizplus · Accepted Answer

A command economy is characterized by central planning and government control over the economy. The government decides what goods and services will be produced, how they will be produced, and for whom they will be produced, as well as owning and controlling the major factors of production.

A System in Which the Government Decides What Goods and Services