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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.
Why were communist command economies unable to compete with free market economies?
Communist command economies struggled to compete with free market economies primarily due to their centralized planning, which often led to inefficiencies, misallocation of resources, and lack of innovation. Without the incentives of profit and competition, state-run enterprises had little motivation to improve productivity or respond to consumer demands. Additionally, the absence of market signals, such as prices determined by supply and demand, hindered effective decision-making and adaptability. Consequently, these economies often lagged behind in technological advancement and overall economic growth.
What are modern day examples of command economies?
Modern-day examples of command economies include North Korea and Cuba, where the government exerts significant control over economic activities, including production and resource allocation. In these countries, central planning dictates the distribution of goods and services, often limiting market forces. While elements of market systems may exist, the state’s influence remains predominant in shaping economic outcomes. These economies face challenges such as inefficiency and limited consumer choices due to the lack of competition.
What following contributed to the collapse of command economies in communist countries around the end of the Cold War?
The collapse of command economies in communist countries at the end of the Cold War was primarily driven by economic inefficiencies and stagnation, as centralized planning failed to meet consumer needs and promote innovation. Additionally, widespread corruption and lack of incentives led to poor productivity, while the rise of political dissent and demands for reform highlighted the limitations of authoritarian governance. The influence of external factors, such as the global shift towards market-oriented economies and the pressures from the West, further accelerated the decline of these systems. Ultimately, the combination of internal discontent and external competition undermined the viability of command economies.
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
How a command economy differs from the other economic systems?
A command economy differs from other economic systems primarily in how decisions about production and resource allocation are made. In a command economy, the government centrally plans and controls these decisions, determining what goods are produced, how much, and at what prices. In contrast, market economies rely on supply and demand to guide these decisions, while mixed economies combine elements of both command and market systems, allowing for some government intervention alongside market forces. This central control in command economies often leads to inefficiencies and a lack of consumer choice compared to more market-driven systems.
What is cammand economy?
A command economy is an economic system in which the government or central authority makes all decisions regarding the production, distribution, and prices of goods and services. In this system, resources are allocated according to a central plan rather than through market forces. Command economies often aim to achieve specific social or economic goals, but they can suffer from inefficiencies and lack of innovation due to limited competition and consumer choice. Examples include historical instances of the Soviet Union and North Korea.
Effect lack of computer facilities in human life?
lack of effect
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.
