In the country of Doran, all businesses are owned by the state. The government plans production, fixes commodity prices, and also directs investments to ensure they benefit the nation as a whole and not only a few individuals. What type of economy has the country of Doran adopted?

Question

Business

Cynthia Hendricks

19 January, 15:31

In the country of Doran, all businesses are owned by the state. The government plans production, fixes commodity prices, and also directs investments to ensure they benefit the nation as a whole and not only a few individuals. What type of economy has the country of Doran adopted?

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Answers (1)

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Todd Mcneil · Answer 1

Command economy

Explanation:

A command economy is one in which the government and not the free market determines the goods to be produced, how they are produced, and the price at which they are sold. It is also called planned economy and the government has monopoly of the economy.

It is a feature of communist governments.

China is an example of command economy.