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A command economy is also called a centrally planned economy.
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- True or false Microeconomics deal with the individual concept of an economy.What do you understand by Economic Planning? Explain Planning by Combination of Direction and Inducement.What kind of economic system does the following statement describe? Select the best answer. A country where people are able to sell what they want Answer This is an example of a traditional economy. This is an example of a market economy. This is an example of a command economy.
- What are the circular flows in the capitalist economy? Please draw it and explain at least in four sentences.The purpose of a business model is to provide a clear representation of where and how value is created and can be captured. True FalseScarcity limits the volume of goods that an economic system can produce but does not limit the production of services. True or false