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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 are types of economic system?
Free economic system which is also called capitalist economy Centrally planned economic system which is also called the socialist economy Mixed economic system Military economic system
What is an economic system in which land property and capital property are properly owned and equally allocated and planned not controlled by a free market?
Centrally planned economy
What is an economic system in which the government owns most property and businesses and people have little freedom?
Well, the name for this type of system is centrally planned, and one country with this economic system is China.
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.
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 are types of economic system?
Free economic system which is also called capitalist economy Centrally planned economic system which is also called the socialist economy Mixed economic system Military economic system
What is an economic system in which land property and capital property are properly owned and equally allocated and planned not controlled by a free market?
Centrally planned economy
What is an economic system in which the government owns most property and businesses and people have little freedom?
Well, the name for this type of system is centrally planned, and one country with this economic system is China.
The economic system favors decisions by consumers but allows for some central planning?
Mixed economies are a combination of capitalism and centrally planned economy. In such systems, consumers have purchasing power, but there is strong government involvement in the provision of public goods.
Advantages of a centrally planned economic system?
wealth is shared and distributed equally, especially for those who need it. aside from that, natural resources are divided properly and are not wasted.
What is the state that makes all the economic decisions called?
The state that makes all economic decisions is often referred to as a "command economy" or "planned economy." In this system, the government centrally controls production, pricing, and distribution of goods and services. This contrasts with market economies, where these decisions are largely made by individuals and businesses through supply and demand. Examples of countries with command economies include North Korea and, to some extent, Cuba.
Which economic system did socialism lead to?
Centrally-planned economies in the USSR and Eastern Bloc. Market socialism in Yugoslavia. State capitalism in modern day China and Vietnam.
How is North Korea a centrally planned economy?
North Korea operates as a centrally planned economy where the government exerts complete control over all economic activities, including production, distribution, and pricing. The state owns and manages all means of production, and economic decisions are made by state planners rather than market forces. This system aims to achieve specific economic goals set by the government, often prioritizing heavy industry and military spending over consumer goods. As a result, the economy often faces inefficiencies and shortages, leading to widespread struggles for the populace.
Definition of planned economy?
A planned economy or directed economy is an economic system in which the government or workers' councils manages the economy. It is an economic system in which the central government makes all decisions on the production and consumption of goods and services. Its most extensive form is referred to as a command economy,centrally planned economy, or command and control economy
