answersLogoWhite

0


Best Answer

In a centrally planned economy, the government is completely in charge of the economy. There is no reward for individual hard work. The government tells everyone what to do.

User Avatar

Wiki User

โˆ™ 9y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is the role of government in a centrally planned economy?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is the governments role in a centrally planned economy?

In a centrally planned economy, the government is completely in charge of the economy. There is no reward for individual hard work. The government tells everyone what to do.


What are the characteristic of a centrally planned economy?

A centrally planned economy usually has one central body (government agency) that determines the products that should be produced and how they should be sold. In a centrally planned economy, the forces of demand and supply will play a very small role in pricing or export and imports.


Who controls North Koreaโ€™s economy and owns and runs all factories and farms?

Who controls the economy in North Korea? The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2021, North Korea continues its basic adherence to a centralized command economy.


What role do you think the government should play in the economy?

No role the government should play.


What is the government's role in the economy?

This answer is that the governments role is very little


What is the role of government in a mixed economy like nigeria?

mixed economy


How did John Maynard Keynes view government's role in economy?

He advocated a strong role of govt. in managing the economy...


How did John Maynard Keynes view government's role in the economy?

He advocated a strong role of govt. in managing the economy...


What is the role of the government in mixing economy?

ryk


What the government role in the traditional economy?

This answer is that the governments role is very little


What is the government's role in the Traditional economy?

This answer is that the governments role is very little


What is the government's role in a traditional economy?

The government has no role in a traditional economy other than keeping peace to the degree where different individuals can conduct trade in peace.