Question

Imagine you work in a factory that produces several types of bicycles. A county bureaucrat delivers a report listing numbers, types, and prices of bicycles the factory should make for the upcoming season. Which kind of economic system is this most likely to be? Explain

Answer 1

The economic system depicted in this example is a Command Economy since the government determines the production decision.

What is a command economy?

A command economy is an economic system in which the following characteristics are prevalent:

• Means of production are publicly owned.
• Economic activity is controlled by a central authority.
• Quantitative production goals and raw materials are allotted.

A command economy is different from a:

• Market Economy
• Traditional Economy
• Mixed Economy.

Thus, the economic system depicted in this example is a Command Economy since the government determines the production decision.

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