answersLogoWhite

0

In a centrally planned economy, the disadvantages include lack of competition, inefficiency in resource allocation, slow innovation, and limited consumer choice.

User Avatar

AnswerBot

8mo ago

What else can I help you with?

Related Questions

20 disadvantages of centrally planned economy?

i dnt no


How is a government involved in a centrally planned economy?

In a centrally planned economy, the central government decide which part of the country to allocate cash and which one not to.


Is Italy centrally planned?

No. Since its creation in 1946, the Italian Republic has never had a centrally planned economy.


What is the role of government 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 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.


Is ireland's economy centrally planned?

ummm


Why do centrally planned economies tend not to be efficient?

What are two reasons why a centrally planned economy tend to be less efficient than a market base economy


What is centrally planned democratic free economy?

A centrally planned democratic free economy is one whereby the budget making process involves everyone.


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


Which country has most extreme example of a centrally planned economy?

the most extreme example of a centrally planned economy are china,hongkong,cua and north korea


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.