ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government planned economy for the entire nation
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Economics were controlled mainly by the global economy
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Individuals made economic decisions based on supply and demand
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Workers made most of the economic decisions for the country
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Detailed explanation-1: -Answer and Explanation: The economy of the Soviet Union had government in charge of all resources and where they went. This is the very definition of a centrally planned economy as one entity is deciding how the economy should function and what should be produced.
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: -Definition. A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.