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The Centralised Planning has the following defects
- predominance of subjective considerations or even whims and facies of prominent members of the central planning authority,
- lack of flexibility,
- non-involvement of people in plan formulation and therefore failure of the plan to represent the real needs and aspirations of the people in the implementation of the plan and
- because of the vastness of the task of evolution and implementation involved, inefficiency and therefore failure to attain objectives and targets within specified time limit.
What else can I help you with?
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 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
What economic characteristics does a centrally planned economy oppose that a market economy encourages?
Hhi
Who answers the key economic questions in a centrally planned economy.?
the government
Who decides where people will work in a centrally planned economy?
I don't quite understand your question, isn't the definition of a centrally-planned economy one in which the government plans the economy? I imagine that in most centrally planned economic schemes the government would either determine the prices or set a cap for essential goods.
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.
Who answers the key economic in a centrally planned economy?
the government
An economy in which only the government makes economic decisions is a?
Centrally Planned Economy
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
What economic characteristics does a centrally planned economy oppose that a market economy encourages?
Hhi
Who answers the key economic questions in a centrally planned economy.?
the government
Who decides where people will work in a centrally planned economy?
I don't quite understand your question, isn't the definition of a centrally-planned economy one in which the government plans the economy? I imagine that in most centrally planned economic schemes the government would either determine the prices or set a cap for essential goods.
In a centrally planned economy the three key economic questions are answered by the what?
central government alone
In a centrally planned economy the three key economic questions are answered by the .?
central government alone
What is centrally planned economy with all economic with all economic and political power resting in the hands of the central government?
A centrally planned economy with all economic and political power resting in the hands of the central government is known as communism. Karl Marx developed communism into a scientific theory.
In a traditional economy what are the economic decisions based largely on?
In a traditional economy the economic decisions are largely based on custom. In all centrally planned economies the government makes all important economic decisions.Ê
