Question

Assume you live in a country with a command economy. In a paragraph of 125 words, describe how this economic system might affect your life.

Answer 1

This economic system might affect your life because you might not be able to find all the commodities or goods that you would normally be able to find in a market economy. For example, the state owned companies produce things that the state needs, if it doesn't need it then it doesn't produce it. If you, for example, want to buy a gaming console, there is a chance that it might not be available because the country wouldn't be manufacturing it since it's not something necessary.

Answer 2

Answer:

If I lived in a economy in which production, investment, prices, and incomes are determined centrally by a government it would change my life in a lot of different ways. The first way it would be different is I would be paid differently. That could have drastic consequences on my income and investments. I also  might not be able to find all the commodities or goods that you would normally be able to find in a market economy. If for some reason I wanted to buy some luxury items: fancy bed, new expensive clothes and such then the state would say no because those items are not needed to survive. Therefore my life would be different in that way. all in all living in this kind of economy would become very different then my current lifestyle

Explanation: