Question

Characteristics of what type of economic system are being described below?

1. economy in which some/all of the basic economic questions answered by central authority;
2. trade generally limited to what is produced through the influence of the government; Command Economies Market Economies Traditional Economies

Answer 1

Command economic system.

Command Economies (Socialism/Communism)

- economy in which some/all of the basic economic questions answered by central authority;

- trade generally limited to what is produced through the influence of the government;

- central authority generally owns the factors of production.

Answer 2

These would be referring to a mixed economy, since apparently there is some free market indicated by the fact that "some" of the basic economic questions answered by central authority. If it were "all the basic economic questions this would be a command economy.