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What is an economy where government owns all production and industry?
Command Economy.
Which system involves total government control of a nation's economy?
Communism is the political system that called for government control of the economy.
What is a command government?
I believe the term is "Command Economy". This type of economy is where the state/Government has a very large role in the day to day lives of people, essentially controlling the economy in terms of production, working, etc. It is kind of a communistic type of Government. The purpose behind a Command Economy is that every individual is looked after. This is different than a "Free-Market Economy", in which the Government plays a smaller role in the day to day lives of individuals. Individuals are permitted for example to sell things for what price they want, and they are allowed to buy whatever they want and how many they want. Somebody may own ten pairs of shoes in a Free-Market Economy while it is lessl likely for something like that to occur in a Command Economy.
What are the different types of economics?
There are Market, Command (AKA Planned), And Mixed. In a Market Economy (Capitalism) Governments play a minor role. Command Economy (Often associated with Socialism and Communism) All major decisions are made by the government. Mixed Economy (Can be argued that it is the American System) Draws elements of both Market and Command to varying degrees.
Is system in which all the means of productions are owned and controlled by the government is know as a?
command economy. just finished my quiz on apex. :)
