By contrast, elements like production levels, prices, and even wages in a command economy, also known as a planned economy,...

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By contrast, elements like production levels, prices, and even wages in a command economy, also known as a planned economy, are determined by government overseers. Most economies in the world actually possess characteristics of both types and are known as mixed economies.

 

Solution ID:480043 | This paper was updated on 26-Nov-2015

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