POST COLD WAR WORLD
RISE OF CHINA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A.The government promotes competition
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The government provides incentives for innovation
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The government emphasizes the production of consumer goods
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The government controls all business activities
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Detailed explanation-1: -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-2: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
Detailed explanation-3: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.
Detailed explanation-4: -In a command economy, the government determines all investments and incomes, it also determines the amount at which the goods that are produced are sold. Communist societies such as Cuba, Soviet Union and North Korea use command economy.