In a Command System,the Decision About What Should Be Produced

question 49

Multiple Choice

In a command system,the decision about what should be produced is made by

• A) a central authority
• B) the market
• C) repeating what was done in the past
• D) business firms
• E) consumers

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Definitions:

Rental Housing

Housing accommodations where occupants pay a regular fee (rent) to use the property of another party for a specified period of time.

Intermediate Goods

Products used in the production of final goods or services but not sold directly to consumers.

Final Goods

Products that are consumed by the end user and do not require further transformation or inclusion in the production of other goods.

Hamburgers

A popular food item consisting of a cooked patty of ground meat, usually beef, placed inside a sliced bun, often served with various condiments and toppings.