Simplify

question 5

Essay

Simplify:

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Definitions:

Command Economy

An economic system where the government or a central authority makes all decisions regarding the production and distribution of goods and services.

Venezuela's Economy

The economic system of Venezuela, characterized by its heavy reliance on oil exports and recent experiences of hyperinflation and social upheaval.

Bolivarian Socialism

A political and economic ideology based on the visions of South American liberator Simón Bolívar, focusing on the redistribution of wealth, land reform, and nationalization of key industries.

Laissez-Faire

A hands-off approach to economic policy where government intervention in business affairs is minimized.