Which of the following economic systems has the government controlling the activities of all the economic sectors, determining how much is produced for whom and by whom?

Question

Quizplus · Accepted Answer

In a centrally planned economy, the government controls all aspects of economic activity, including production, distribution, and pricing. This means that the government determines how much is produced, for whom, and by whom, with little or no input from individual citizens or businesses. Market economy, on the other hand, is characterized by private ownership of the means of production and the role of the government is limited to maintaining law and order. Mixed economy is a combination of market economy and centrally planned economy where the government plays a role in regulating certain sectors while leaving others to operate under free market principles. Common economy is not a recognized economic system.

Which of the Following Economic Systems Has the Government Controlling