Question

Imagine that you are a wheat farmer in a country with a command economy the government has given you an intensive five year plan with large quantities of wheat to produce each year on the land you have been allocated use this information to answer the questions that follow. Describe how your responses to the above questions would be different if you were forming in a market based economy

Answer 1

Answer: In a free market economy, I would be free to choose the crops that I want to grow. So, I would choose crops that increase the soil nutrients. I would also plant more than one crop. In addition, I could share my experience with other farmers and charge them for my guidance. This way, I would have an incentive to share my knowledge with others. A free market economy encourages competition. So, if I had to fix my equipment, many equipment repair and sales services would be available in the market, providing me higher-quality products at cheaper prices.

Explanation: on edmentum and pluto

Answer 2

Hi. You didn't provide the questions, but I can help you by showing you what would change in my plantation if I moved from a command economy to a market economy.

In a command economy the government would control and define all production, planting and harvesting planning for my culture. I could not act according to my own precepts, in order not to suffer reprisals and I should fulfill the economic objectives of the government with the results of my plantation.

With a market culture, I myself would have the freedom to plan and control all my agricultural production based on my own goals and through the economic agents in force in my market sector. The government, for its part, would not demand or provide anything for me and my production.

Step-by-step explanation:

A straining economy is an economy planned by the government. Because of this, trade and all production of goods and services must act in the way the government establishes and must achieve the government's economic objectives with its production.

The market economy, on the other hand, is not controlled by the government and allows private industries to act according to their own economic agents. In this way, the private agency is free to define and plan its production as it sees fit.