Answer:
Answer is in explanation
Explanation:
In a command economy, the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties. Some advantages can be less inequality because the government controls the means of production in a command economy, it determines who works where and for how much pay. This power structure contrasts sharply with a free market economy, in which private companies control the means of production and hire workers based on business needs, paying them wages set by invisible market forces. Low Unemployment Levels, Unlike the invisible hand of the free market, which cannot be manipulated by a single company or individual, a command economy government can set wages and job openings to create the unemployment rate and wage distribution that it sees fit. Disadvantages can be Lack of Competition Inhibits Innovation, Critics argue that the inherent lack of competition in command economies hinders innovation and keeps prices from resting at an optimal level for consumers. Although those who favor government control criticize private firms that esteem profit above all else, it is undeniable that profit is a motivator and drives innovation. At least partly for this reason, many advancements in medicine and technology have come from countries with free market economies, such as the United States and Japan. Inefficiency, Efficiency is also compromised when the government acts as a monolith, controlling every aspect of a country's economy. The nature of competition forces private companies in a free market economy to minimize red tape and keep operating and administrative costs to a minimum. If they get too bogged down with these expenses, they earn lower profits or need to raise prices to meet expenses. Ultimately, they are driven out of the market by competitors capable of operating more efficiently.
I don’t see any answer choices?
1. Forms of government define how a certain government is set up. There are many different structures to how a form of government operates within its borders. With democracy being the most used today.
2. This form of government exists with its sole monarch or leader with absolute power over their government and people. Usually a king or queen, they are not restricted by any law. A monarchy usually becomes a leader by family.
3. A form of government where a non-elected monarch functions as the head of state within the limits of a constitution. Whereas an absolute monarch can do anything lawfully, a constitutional monarch has limits. Most power is held by a legislature, such as the British parliament.
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