---**Understanding Economic Systems: Key Decision-Makers and Functions****Who answers the three key economic questions in a command economic system?**- Custom & tradition- Individual producers and consumers- A central authority- Government and individuals**What is the function of an economic system?**- To coordinate production and distribution of goods and services- To ensure people are paid for their labor---This content provides insight into essential aspects of economic systems:1. **Decision-Making Entities**: In a command economic system, decision-making typically falls to a **central authority**, which orchestrates the production and allocation of resources. 2. **Primary Functions**: The main purpose of an economic system is **coordinating production and distribution**. Additionally, it ensures that individuals are compensated for their labor, maintaining a structured economy.This educational resource aims to clarify the roles and objectives inherent in different economic structures.

Answered: Who answers the three key economic…

Who answers the three key economic questions in a command economic system? O custom & tradition individual producers and consumers a central authority government and individuals

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In command economy all the production and allocation decisions are centralised.

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