The fundamental disadvantage of a centrally planned economy is that local conditions, which often vary from one place to another (and can change rapidly), cannot be accounted for at the highest levels of planning. Another serious disadvantage is the cost incurred by such an economy's numerous executive agencies and administrators.
advantages and disadvantages of market economy
good
The welfare of all citizens is the primary goal of the economic system. Wasteful competition is avoided wages are controlled by the state.
Advantages: Competition > profit > innovation. Disadvantages: higher costs for consumers there are losers risk for an entrepreneur
really don't understand
advantages and disadvantages of market economy
it has public ownership
A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
good
The welfare of all citizens is the primary goal of the economic system. Wasteful competition is avoided wages are controlled by the state.
Advantages: Competition > profit > innovation. Disadvantages: higher costs for consumers there are losers risk for an entrepreneur
really don't understand
The main advantages of living in a command economy that the government takes care of all your needs if your goals tie and Equity security and freedom from need that's their main advantages
Some of the advantages and disadvantages of modern fishing to the economy and environment are that people are able to catch their food for no price and its way more natural ,but some of the disadvantages are the fee's that are required to fish are high.
The market economy has many advantages, but it also has its share of disadvantages. Two of the main disadvantages are that this type of economy can be very unstable and it tends to cause a large gap in the distribution of income.
Please give disadvantages concerning csme in the Caribbean economy. natural disasters markets are small
It's an economy controled by a central administrater