ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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traditional
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command
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market
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mixed
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Detailed explanation-1: -Cuba has a planned-socialist economy. Planned socialism was the economic system of the Soviet Union, the Soviet-bloc countries like East Germany (the German Democratic Republic), Czechoslovakia, Hungary, Poland, and Bulgaria prior to the fall of the Berlin Wall.
Detailed explanation-2: -During its nearly seven decades of existence from 1922 to 1991, the Union of Soviet Socialist Republics was one of the two major communist powers – the other being China – that followed the centralized planning model for its economy, a basic tenet of communism.
Detailed explanation-3: -The economy of the Soviet Union was based on state ownership of the means of production, collective farming, and industrial manufacturing. An administrative-command system managed a distinctive form of central planning.
Detailed explanation-4: -communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society.
Detailed explanation-5: -Countries like England, France, and India follow the mixed economic system where both, the state and private players, have control over the resources of distribution.