Asked by Rachel Gallo on Apr 25, 2024
Central planning in the Soviet Union and pre-reform China emphasized the expansion of the production of consumer goods to raise the domestic standard of living.
Central Planning
An economic system where key decisions regarding production, investment, and distribution are made by the government or a central authority, rather than left to market forces.
Consumer Goods
Products and services that satisfy human wants directly.
- Identify the distinctions between command and market economies in the context of managing risks and achieving economic performance.
Learning Objectives
- Identify the distinctions between command and market economies in the context of managing risks and achieving economic performance.