Economic System

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Offline asitrony

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Economic System
« on: February 26, 2020, 07:25:12 PM »
Command Economy
A command is one in which the government makes all decisions about production, distribution and consumption of product. Soviet Union during most off previous century, the government owns most of the means of production (land and capital) ; it also owns and directs the operations of enterprise in most industries; it is the employer of most workers and tells them how to do their jobs; and the government in a command economy decides how the output of the society is to be divided among different goods and services. In this economy, the government answers the major economic questions through its ownership of resources and its power to enforce decisions.
      Example: -During the most of the 20th century Soviet Union is operated by Command Economy
Mixed Economy
In recent time no contemporary society falls completely into their market economy or command economy. All societies, excepts two or three, are mixed economies with element of market and command. Like market economy, here the private ownership of property, earning of profit and individual initiative prevail. But, there is also government control over the economic activities at the private level. Besides, some large scale and basic industries and important commercial venture are run in the public sector
      Example: Though most decisions in the USA, UK and Japan are made in market place but the government plays an important role in modifying the functioning of the market. Mixed Economy also exist  in Bangladesh where both market and government plays role simultaneously in production, distribution, consumption.

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Offline kamrulislam.te

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Re: Economic System
« Reply #1 on: March 11, 2020, 07:42:33 AM »
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Md. Kamrul Islam
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Faculty of Engineering, DIU
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Email: kamrulislam.te@diu.edu.bd
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Offline RyanBooth

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Re: Economic System
« Reply #2 on: May 14, 2023, 10:30:24 PM »
In a command economy, the government has control over production, distribution, and consumption of goods and services. An example of a command economy is the Soviet Union during most of the 20th century, where the government owned and directed industries, employed most workers, and made decisions on resource allocation.

On the other hand, a mixed economy combines elements of both market and command economies. Private ownership, profit earning, and individual initiative are present, but the government also exercises control over economic activities, especially in key industries. Countries like the USA, UK, Japan, and Bangladesh have mixed economies, where the market and government both play significant roles in production, distribution, and consumption.

I hope this provides you with the information you were seeking.
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Offline arif_mahmud

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Re: Economic System
« Reply #3 on: June 06, 2023, 08:43:01 AM »
Thanks for sharing