Before 1992, the former soviet union was an example of which type of economy?

Question

Social Studies

Kailee Arellano

31 October, 19:06

Before 1992, the former soviet union was an example of which type of economy?

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Answers (1)

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Emilio Gallegos · Answer 1

Before 1992, the former soviet union was an example of a command type of economy.

Explanation:

During this period, government officials in the soviet union were the only ones with the mandate of making economic decisions.

The soviet owened all the means to economy such as; centralized type of economic planning, collective farming and manufacturing.

A command type of economy is the one where all the economic plan of a country is solely done by the government.

In thus type of economy, the government is the sole decision maker of which type of goods shall be produced in a country and the manner in which the goods shall be distributed.

Before 1992 this type of economy worked in the soviet union.