Centralized command and control prevails throughout a certain nation's economy. What three key economic questions have been addressed in this nation, and what has been the common element of the nation's answers to those questions? The three key economic questions that have been addressed in this nation are:

Question

Social Studies

Kiara Strong

7 February, 07:36

Centralized command and control prevails throughout a certain nation's economy. What three key economic questions have been addressed in this nation, and what has been the common element of the nation's answers to those questions? The three key economic questions that have been addressed in this nation are:

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Answers (1)

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Sheldon Reese · Answer 1

The three key economic questions that have been addressed in this nation are: what should be produced? how should it be produced? and for whom should it be produced?

A centrally planned economy controls what is produced as well as the use and distribution of resources and goods.

Explanation:

In a market economy, the answer to the three economic questions is left to the interactions between individuals through rational decisions and the price system. This is the most common type of economic system. However, some economies centralize decisions, meaning that the government makes economic decisions, rather than individuals. A centrally planned economy controls what is produced as well as the use and distribution of resources and goods.