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very high pricesvery low pricesvery high quality productsvery low quality products
A.very high prices
B.very low prices
C.very high quality products
D.very low quality products
Answer is: very low quality products
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What effect does lack of competition in command economies?
very high prices
What effect does the lack of competition in command economies have?
very high pricesvery low pricesvery high quality productsvery low quality products A.very high prices B.very low prices C.very high quality products D.very low quality products Answer is: very low quality products
How successful were new african nations that tried to develop by creating command economies?
Command economies rely on a central government. This is in direct opposition to Laissez-Faire Economics which supports a free market. Based on various factors, including a lack elected officials with sufficient economic expertise, corruption and a lack of technical training, support and adequate infrastructure, these command economies have failed to produce good results.
Which is an effect of a declining industry?
Many people lose their jobs, local economies suffer due to the lack of finance /income
Which is an effect of declining industry?
Many people lose their jobs, local economies suffer due to the lack of finance /income
Effect lack of computer facilities in human life?
lack of effect
What is a lack of rain called?
A lack of rain is called a drought. It can result in water shortages, crop failure, and negative impacts on ecosystems and economies.
What is a fixed economy?
A fixed economy refers to an economic system where prices, wages, and production levels are set by government regulations rather than being determined by market forces. In such economies, the government may control key industries and resources, aiming to stabilize the economy and ensure equitable distribution of goods and services. This contrasts with market economies, where supply and demand dictate economic activity. Fixed economies can lead to inefficiencies and shortages due to lack of competition and innovation.
What is one example of how it is like a command system?
A command system, often associated with centrally planned economies, operates under the authority of a central body that makes all economic decisions. For instance, in such a system, the government might dictate production quotas for industries, determining what goods are produced, in what quantities, and at what prices, without input from market forces. This contrasts with market economies, where supply and demand drive decisions. The centralized control can streamline production but may also lead to inefficiencies and a lack of innovation.
What are the pros and cons of command economy?
Pros A sense of community within the economy Income equality Potential to get things done very quickly Cons Little innovation No competition within the economy Firms will have a hard time competition in the world market The quality of the good are detrimental Inefficient allocation of resources Lack of Freedom Lack of personal gain Generally, there is a lower standard of living when compared to a free market economy
What is the negative effect of globalization?
Since the economies of the world are becoming more and more linked, when something goes wrong in one country, the effects are felt in other economies too. If for example a terrorist attack takes place in New York, other countries like England and South Africa are likely to suffer from lack of tourists and other things.
What is negative effect of globalization?
Since the economies of the world are becoming more and more linked, when something goes wrong in one country, the effects are felt in other economies too. If for example a terrorist attack takes place in New York, other countries like England and South Africa are likely to suffer from lack of tourists and other things.
