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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
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.
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.
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 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 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 encouraged countries to transition from a command economy to a market economy?
Countries transitioned from command economies to market economies largely due to the inefficiencies and stagnation associated with centralized planning, which often led to shortages and lack of innovation. The desire for increased economic growth, improved consumer choice, and integration into the global economy also played significant roles. Additionally, the collapse of the Soviet Union and the success of market-oriented reforms in countries like China demonstrated the potential benefits of market mechanisms, prompting many nations to adopt similar strategies. These factors collectively encouraged governments to embrace market principles and liberalize their economies.
