Question

Explain carefully and completely the meaning and the significance of the following terms (use at least 3 sentences to explain each term):

1. Command economy

2. Iron rice bowl

3. The Cultural Revolution

4. Household responsibility system

5. Open door policy

6. Contract responsibility system

7. Socialist market economy

8. Household registration system

9. Special economic zones

Answer 1

Answer : Meaning of following terms are :

• Command Economy: : It means that resources and industries are owned by the government. The government set the price and there are little incentives to grown for an economy.It significance that is proper utilisation of resources.
• Iron rice bowl : It is refer as an occupation with gurantee job security as well as fixed income and systematic security.The significance is that it is related to military as well as civil service.
• The Cultural revolution:In 1966, there was a Chaotic movement in the china people of republic. The movement was started by Mao against government related to the capitalism.The signficance of culture revolution is to restore the culture at particular place.
• Household responsibility system : This system was started in China, firstly adopted in agriculture practice in 1979and later extended to other sector of an EconomyThe signficance of the system is that local manager who run the store is responsible for profit and losses.
• Open door policy :This policy has been used in communication process as in organisation CEO,MD as well as other top level managers maintain the transparency of the policy with their employees.
• Contract responsibility system : contract responsibility system is same as household responsibility system. They both work for the betterment as well as upliftment of increasing profit.
• Socialist market Economy: This is model of Economic development which is related to useage of resources properly by republic of China. The system is based on predominance of the public ownership and the state owned enterprise within an economy
• Household registration system : This is a registry used in many countries in order to track information .It is used in China.