Part a if a problem is termed statically indeterminate, what additional information can be found in order to solve for the reaction forces?

Certain nations in this world have communist command economy. North Korea is the example of nation that has a communist command economy.

EXPLANATION  

The country's economic system based on the Command Economy rejects the existence of a free market because all of the economic aspects are centrally controlled by the government.

Further Definition of Command Economy

The command economy is an economic system where the government determines and decides all of the aspects in the economy. The government decides what goods must be produced, how much to produce, and the price at which goods are offered for sale. This system clearly rejects the existence of a free market. The command economy is a characteristic of the communist state. The following countries which apply a command economy are North Korea, Cuba, and the former Soviet Union.

On the other hand, China, which is a communist country, does not implement a command economy, although they have used the command economy for several decades before finally switching to a mixed economy. Mixed economics mix applications of communist and capitalist elements. Here are some of the weaknesses of the Command Economy:

•Economic command in terms of providing incentives, the incentives are given to workers, planners, and managers in state-owned companies are very small.

•Rationally, Command Economic planning cannot determine the number of economic aspects such as the amount, proportion, and time of economic activity in all regions of the State without the existence of personal property or the operation of supply and demand.

Yet, adherents of the command economy argue that their economic goal is to achieve equitable distribution and achieve social welfare rather than the profits of individuals who are glorified by capitalists.

LEARN MORE

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

- What strategies did Clinton use to improve the economy?

KEYWORD: communist, north Korea, economic strategy, communist command economy  

Subject: Social Studies

Class: 7 - 9  

Subchapter: Command Economy