The market economy has limited government intervention and relies on the profit
motive and consumer sovereignty. It has proved more successful in raising living
standards, economic growth and economic efficiency. Consumers benefit from more
choice and lower prices. Planned economies were state-run with economic plans and
large scale government intervention. The result was low living standards although
employment was usually available and a basic quality of life resulted. The move to
market economies brought beneficiaries and casualties. Russia illustrates the increase
in millionaires while unemployment and poverty grew. Some East European
economies are making fast progress while some former USSR republics are struggling.
Planned Economies are regulated by a Governmental Ministry.
Planned (command, centrally planned, or controlled) 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.
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.
Planned (command, centrally planned, or controlled) economy
One disadvantage of the planned economy is that there is inefficient resource distribution.
It is a Planned Economy
both the government and the public control the economy, were as Russia is a planned economy because everything is planned and the government has full control
Planned Economies are regulated by a Governmental Ministry.
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.
Planned (command, centrally planned, or controlled) economy
korea
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.
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.
Planned (command, centrally planned, or controlled) economy
A planned or command economy.
It is not necessarily fixed as to who has titular ownership of capital in a planned/command economy. Ownership of capital can reside in either private entrepreneurs or in government-owned industries; a number of planned/command economies allowed for a degree of private property ownership. However, the fundamental basis of control, such as decisions about what to produce and the quantity to produce, are vested exclusively in the government. In planned/command economies, the government can literally order private factories to make products that do not have a large market desirability and to avoid producing products that have large demand.