In a Command Economy

question 243

Multiple Choice

In a command economy,

• A)producers have a great deal of choice about what and how much to produce.
• B)prices usually fluctuate according to supply and demand.
• C)marketing activities such as market research are encouraged.
• D)consumers usually have very limited freedom of choice.
• E)consumers decide what is to be produced and by whom.

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Definitions:

Business Flexibility

The ability of a company to adapt quickly and efficiently to changes in its external environment, including market demands, technology, and regulatory shifts.

Taylorism

A theory of management that analyzes and synthesizes workflows, aiming to improve economic efficiency, especially labor productivity, also known as scientific management.

Cross-Training

The practice of training employees to perform multiple roles or to undertake tasks outside their traditional responsibilities.

Workforce Flexibility

The ability of a workforce to adapt to changes, including adjusting to new work conditions, job requirements, or schedules.