Which statement best describes how a command economy functioned in the Soviet
The laws of supply and demand controlled the economy.
Trade policies mandated that imports exceed exports.
The success of the agricultural sector controlled the price of
A central authority determined the type and quantity of goods
to be produced.
Which statement is a description of a market economy?
Government planning agencies make some economic decisions and
private businesses make others.
Individual decision making and supply and demand greatly
influence basic economic decisions.
The national government controls all resources, labor supply,
and means of production.
Customs, religions, and traditions determine most economic
“In these [economic] structures, people looked to past practices plus cultural
and religious beliefs to decide what to produce, how to produce it, how products
would be distributed, and even when tasks should be performed.”
type of economy is the author of this statement describing?