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Command Economies. Command Economies. In a COMMAND ECONOMY the government controls the factors of production and makes all decisions about their use. Command Economy. The government answers the 3 basic economic questions.

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command economies1
Command Economies
  • In a COMMAND ECONOMY the government controls the factors of production and makes all decisions about their use.
command economy
Command Economy
  • The government answers the 3 basic economic questions.
    • What? A dictator or a central planning committee decides what products are needed based on what they believe is important.
    • How? Since the government owns all means of production in a command economy, it decides how goods and services will be produced. The government employs all workers and controls all employment opportunities and benefits.
command economy1
Command Economy
  • For Whom? The government decides who will get what is produced in a command economy. Wealth is shared equally, to ensure everyone’s basic needs are met. The government provides housing, food, medical care, education, and jobs.
  • There is much security in this system.
socialism
Socialism
  • In a SOCIALIST political system, there is increased government involvement.
  • The main goal is to keep prices low for all people and to provide employment for many.
  • The government runs key industries:
    • Telecommunications
    • Mining
    • Transportation
    • Banking
socialism1
Socialism
  • More social services are given
  • Free or low cost medical care
  • Education – Elementary through College
  • People pay higher taxes
  • A democratic political system, only with an increased amount of government involvement.
    • Country examples: Canada, Germany, Great Britain, Sweden, and Australia
communism
Communism
  • COMMUNIST countries have a totalitarian form of government.
  • This means that the government runs everything and makes all decisions.
  • Theoretically, there is no unemployment.
  • People are assigned jobs
  • Told what kind of schooling they will receive
  • Told where to live
communism1
Communism
  • Free medical
  • Help with food and housing
  • The Communist party is in charge.
    • Country examples: Cuba, North Korea, and China
mixed economies
Mixed Economies
  • All economies in the world today are mixed.
  • There is some government involvement in each economy.
  • Depending on how much the government is involved is what kind of economy that country has.
continuum of economic systems
Continuum of Economic Systems

Capitalism

Socialism

Communism