command economic

• What type of economy is being discussed in the video?

  Command economy
• What is the role of the central authority in a command economy?

  The central authority answers all economic questions.
• Which government typically takes the shape of the central authority in a command economy?

  The government
• What are the three basic economic questions that a command economy answers?

  What to produce, how to produce, and for whom to produce.
• Which country is mentioned as a current example of a command economy?

  North Korea
• How does a command economy relate to communism?

  Communism partially falls under the category of a command economy.
• What are the advantages of a command economy?

  • Rapid change in direction (e.g., Soviet Union's industrialization)
  • Reduced decision-making stress for individuals
  • Availability of public services at low or no cost
• What are the disadvantages of a command economy?


  • Stifles innovation and creativity
  • Loss of incentives for individuals
  • Poor at meeting individual wants and needs
  • Difficulty in handling day-to-day issues
  • Requires a large bureaucracy, leading to slow decision-making
• How does a command economy handle the wants and needs of individuals?

  A command economy struggles to meet the wants and needs of individuals living in that society.
• What is the impact of a large bureaucracy in a command economy?

  It leads to slow decision-making, especially regarding minor details.
• What should students do to prepare for tests or quizzes based on the video?

  Refer back to the guided notes provided in the description.
• Why is it important to understand how a command economy answers the three basic economic questions?

  It is crucial for understanding the structure and function of a command economy.
• Who is the presenter of the video discussing command economies?

  Mr. Sin