In what type of economy does the government own almost all the resources and economic decision making is centralized?
A) command economy
B) planned economy
C) market economy
D) mixed economy

Question

Quizplus · Accepted Answer

In a command economy, the government has complete control over the allocation and distribution of resources, as well as economic decision making. This is in contrast to market economies where resources and decision making are primarily controlled by individuals and businesses. Planned economies are a similar concept where the government takes a leading role in economic planning and management, but the term command economy is more commonly used to describe economies with centralized government control. Mixed economies may have some government involvement in certain sectors or industries, but overall decision making is decentralized and market-based.

In What Type of Economy Does the Government Own Almost