The socialist government with command economics manages its economic by controlling factories and other forms of production.
A command economic can be defined as a system in which the government determines the goods to be produced, the number of goods to be produced and the cost at which the goods should be sold.
Further Explanation
In a command economy, incomes and investments are also determined by the government. and one of the major indices of any communist society is a command economy.
The list below is some of the examples of countries with a command economy
- The former Soviet Union
- North Korea
- Cuba
A command economy is also known as a planned economy. The principle of a planned economy is that the government in in charge of production.
Also, in a command economy, the government exercise power on matters concerning national priorities.
Some of the priorities that are set out by government officials in a command economy include
- How to generate economic growth
- When to generate economic growth
- Resources distribution for production
Some of the disadvantages of a command economy include
- Government official usually provide for themselves at the detriment of the people
- Goods productions are of low quality
- Individual initiates are rarely rewarded
- Individual lack the freedom to choose
LEARN MORE:
- How does a socialist government with a command economy manage its economy https://brainly.com/question/917511
- How does a socialist government with a command economy manage its economy https://brainly.com/question/11347183
KEYWORDS:
- economy
- socialist government
- command economy
- planned economy
- forms of production
