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Question
multiple-choice question
what is a command (aka socialist) economy?
government controls economic decisions, prices, and what to produce
private companies have freedom to produce and make whatever prices for their products as they please
mixture of both private companies and government control over economic decisions.
families produce and farm what they need to survive, everyone for themselves
A command (socialist) economy is defined by central government control over core economic functions, including production, pricing, and resource allocation. The other options describe a market economy (private company freedom), mixed economy (combination of private and government control), and traditional economy (subsistence production for survival).
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Government controls economic decisions, prices, and what to produce