Question

PLZ HELP SOON! Assume you live in a country with a command economy. In a paragraph of 125 words, describe how this economic system might affect your life.

i rly need the length to be right, plz try hard, THANK U

Answer 1

If I were to live in a command economy, which is an economy that has predetermined products you can sell, investment rates, prices, and incomes which is all controlled by the government, it would radically change my life in numerous ways. First, it would greatly effect the life I am living right now. In command economies, everyone earns the same income which means that in order to make everyone's income equal many people's income would be lower than it could have been. (Insert financial provider here) would most likely get paid significantly less money, therefore we would not be able to afford the house we are living in right now. Second, I might not be able to have the same products, hobbies, clothes, or even food that I have because I could possibly not find the supplies or materials I need, due to the fact that they wouldn't be sold. All in all, living in this kind of economy would completely change my current lifestyle.

Answer 2

Answer: If I lived in a economy in which production, investment, prices, and incomes are determined centrally by a government it would change my life in a lot of different ways. The first way it would be different is I would be paid differently. That could have drastic consequences on my income and investments. I also might not be able to find all the commodities or goods that you would normally be able to find in a market economy. If for some reason I wanted to buy some luxury items: fancy bed, new expensive clothes and such then the state would say no because those items are not needed to survive. Therefore my life would be different in that way. all in all living in this kind of economy would become very different then my current lifestyle