HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Market
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Command
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Socialism
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Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices.
Detailed explanation-2: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.
Detailed explanation-3: -Socialist economy: This economy system acknowledges the three inquiries in a different way. In a socialist society, the government determines what products are to be manufactured in accordance with the requirements of the society.
Detailed explanation-4: -Utopian socialism. Scientific socialism. Communism. Marxism.