HISTORY
WORLD WAR I AND THE RUSSIAN REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Free Enterprise System
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Capitalist Economy
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Command Economy
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Laissez faire
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Detailed explanation-1: -The Soviet command economy coordinated economic activity through the issuance of directives, by setting social and economic targets, and by instituting regulations. Soviet leaders decided on the state’s overarching social and economic goals.
Detailed explanation-2: -Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production. East Germany, North Korea, and the former Soviet Union are all examples of command economies.
Detailed explanation-3: -The USSR is the quintessential example of a centrally planned economy. A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.