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wealth is shared and distributed equally, especially for those who need it. aside from that, Natural Resources are divided properly and are not wasted.
What else can I help you with?
What is a centrally planned economy?
A centrally planned economy is an economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
What is a centrally-planned economy?
A centrally planned economy is an economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
What is the economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
a centrally planned economy
What are types of economic system?
Free economic system which is also called capitalist economy Centrally planned economic system which is also called the socialist economy Mixed economic system Military economic system
What is an economic system in which land property and capital property are properly owned and equally allocated and planned not controlled by a free market?
Centrally planned economy
What is an economic system in which the government owns most property and businesses and people have little freedom?
Well, the name for this type of system is centrally planned, and one country with this economic system is China.
Who makes most of the decisions in a centrally planned economic system?
In a centrally planned economic system, most decisions are made by the government or a central authority. This entity determines what goods and services are produced, how resources are allocated, and the prices of those goods and services. The aim is to achieve specific economic and social goals, often with little regard for consumer preferences or market forces. Consequently, individual entrepreneurs and consumers have limited influence over economic outcomes.
Which economic system did socialism lead to?
Centrally-planned economies in the USSR and Eastern Bloc. Market socialism in Yugoslavia. State capitalism in modern day China and Vietnam.
What has the author Lechoslaw Garbarski written?
Lechoslaw Garbarski has written: 'From a centrally planned economy to a market system'
What are the advantages of planned economic system?
There are few benefits to a centrally planned (controlled) economy. One benefit might be that the amount of funds used to manufacture a particular product can be firmly budgeted for. Thus there are no surprises or cost over runs.
What is centrally planned socialism?
A command economy is one where the government decides what to produce, how to produce it, and who to produce it for. Socialism in its entirety is a command economic system. The term 'centralized' is synonymous with 'command' when it comes to types of economies.
Which system is the best among centrally planned economy laissez-faire economy and mixed economy justify your answer?
The best economic system depends on the context and specific goals of a society. A mixed economy often strikes a balance between the efficiency of a laissez-faire system and the equity of a centrally planned economy, allowing for both market-driven innovation and government intervention to address social needs. This blend can help mitigate the pitfalls of each extreme, such as market failures or excessive government control. Ultimately, the effectiveness of any system is influenced by factors like governance, cultural values, and economic conditions.
