Asked by Rachel Gallo on Apr 25, 2024
Verified
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.
Verified Answer
KM
Kayla Mugford7 days ago
Final Answer :
False
Explanation :
Central planning in the Soviet Union and pre-reform China primarily focused on heavy industry and military capabilities rather than the production of consumer goods, often at the expense of the domestic standard of living.
Learning Objectives
- Identify the distinctions between command and market economies in the context of managing risks and achieving economic performance.