Final answer:
The Soviet Union operated a command economy where economic decisions were centrally planned by the state.
Explanation:
The Soviet Union had a command economy where economic decisions were centrally planned by the state. This system involved the government determining what to produce, where to produce it, and how to distribute the goods.
Central planners set quotas for state-owned firms to meet production targets. The command economy in the Soviet Union contrasted with market economies like the United States and Britain where prices and production are guided by supply and demand.
This type of command economy ultimately faced challenges due to inefficiencies and lack of innovation, leading to its eventual downfall.
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