Cuba has a communist command economy because the government, which is the communist party, controls the means of production and establishes economic
From this list, the nations that have a communist command economy are Cuba and North Korea. A command economy is a system where the government of a country has total control over its economy, leaving no power to private firms. The government plans the production itself and decides what people need.
Answer. Any communist society is a key feature of command economy . for example Cuba , North, korea and former Soviet Union.
The command economy is a key feature of any communist society. Cuba , North Korea , and the former Soviet Union are examples of countries that have command economies, while China maintained a command economy for decades before transitioning to a mixed economy that features both communistic and capitalistic elements.
hich nation has a communist command economy ? Norway North Korea South Korea the United States – Brainly.com.
The Norwegian economy is generally characterized as a mixed economy – a capitalist market economy with a clear component of state influence. State ownership and the regulation of the private sector serve to classify Norway as a mixture of market and planned economy .
How can the government reduce the wealth gap in a mixed market economy ? The government can tax members of the wealthy class at a lower rate to address differences in income. The government can improve education to provide new opportunities for workers in the lower class.
How does the economy of Cuba differ from the economy of North Korea ? In Cuba , the government’s control of the economy has begun to loosen. In North Korea , the government maintains a tight hold over the economy . In this economy , community members typically use simple tools to plant and harvest crops.
The economy of North Korea is a centrally planned economy, where the role of market allocation schemes is limited, although increasing. As of 2020, North Korea continues its basic adherence to a centralized command economy.
Example of a Closed Economy Brazil imports the least amount of goods—when measured as a portion of the gross domestic product (GDP)—in the world and is the world’s most closed economy . Brazilian companies face challenges in terms of competitiveness, including exchange rate appreciation and defensive trade policies.
Real Example of Closed Economies . There are no economies which are completely closed . Brazil imports the least amount of goods in the world when measured as a portion of the gross domestic product (GDP) and is the most closed economy in the world.
A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.
What are the pros of a mixed market economy for most citizens ? There is a great deal of independence and personal choice. The government cannot dictate which jobs citizens hold. There may be greater opportunity to become wealthy.
What restriction would the government impose in a closed economy? The government would prohibit trade with other nations. The government would set the prices for imported goods.
Norway’s huge oil and gas sector is the clear driving factor behind the nation’s economic boom over the last three decades, following major discoveries in the North Sea (although falling energy prices in recent years have had an impact).
Exports : The top exports of Norway are Petroleum Gas ($37.2B), Crude Petroleum ($33B), Refined Petroleum ($6.97B), Non-fillet Fresh Fish ($6.79B), and Raw Aluminium ($3.29B), exporting mostly to United Kingdom ($25.8B), Germany ($20.2B), Netherlands ($12.4B), Sweden ($9.8B), and France ($8.73B).
Rich Economy: It is actually known for being the place with the highest living standards, and its rich economy is one of the major reasons. It is fueled by oil and gas exports which not only makes it extremely efficient and stable, but also helps it to be one of the richest countries for many many more years to come.