COLD WAR ERA
IMPACT OF COLD WAR
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Command
|
|
|
Market
|
|
|
Mixed
|
|
|
Mixed-Market
|
Detailed explanation-1: -This is also sometimes referred to as a planned economy. The most famous example of a command economy was the former Soviet Union, which operated under a communist system. Since decision-making is centralized in a command economy, the government controls all of the supply and sets all of the demand.
Detailed explanation-2: -Communism and socialism are political and economic systems that are related but often confused with each other. Both of them reject capitalism in favor of greater equality and granting economic power to the working class. Here is how socialism vs. communism compare in theory and in practice.
Detailed explanation-3: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.