What is the type of economic system that relies on one central authority to make economic decisions?
A) free market
B) price system
C) command and control
D) mixed economic system

Question

Quizplus · Accepted Answer

Command and control economic system relies on one central authority, usually the government, to make economic decisions. The government determines what goods and services are produced, how much they cost, and who gets them. This type of system is the opposite of a free market economy, where individuals make economic decisions based on supply and demand. A mixed economic system combines elements of both command and free market economics. The price system is a mechanism used by free market economies to determine the prices of goods and services based on supply and demand.

What Is the Type of Economic System That Relies on One