Lance lives in a country where the centralized government controls all or most of the resources in addition to making the production decisions based on this what term best describes the type of economy where Lance lives?

Question

Lance lives in a country where the centralized government controls all or most of the resources in addition to making the production decisions based on this what term best describes the type of economy where Lance lives?
A. free 
B. command 
C. labor 
D. market

GPT-4o mini · Answer

The type of economy where the centralized government controls all or most of the resources and makes production decisions is best described by the term **B. command**. In a command economy, the government plays a significant role in the allocation of resources and decision-making regarding production.