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Who possesses the factors of production in a planned economic system?
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How do you define planned economy?
An economic system in which the government controls and regulates production, distribution, prices, etc.
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 type of economic model fits this description the production and distribution of goods can be planned by the government to assure fairness for all of the people?
Socialism (A+)
Why planned economic system only exists in theory?
Essentially, planned economic systems don't exist in real life (with a few notable exceptions, including North Korea) for two reasons: 1) To create a planned economic system is very complicated due to information centralisation, and would be very costly to maintain and implement. This serves as a barrier to making a planned system in the first instance. 2) Planned systems suffer from extraordinary economic inefficiencies due to incredible distortion of market signals, which normally allow individuals to make efficient good allocations and schedules. The organiser of the planned economy has to try and overcome this by perfectly predicting market equilibria and enforcing production quotas to maintain them. However, there is no incentive to follow quotas but force, since there is no reward from production.
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
How do you define planned economy?
An economic system in which the government controls and regulates production, distribution, prices, etc.
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 type of economic model fits this description the production and distribution of goods can be planned by the government to assure fairness for all the people?
Socialism (A+)
What type of economic model fits this description the production and distribution of goods can be planned by the government to assure fairness for all of the people?
Socialism (A+)
Why planned economic system only exists in theory?
Essentially, planned economic systems don't exist in real life (with a few notable exceptions, including North Korea) for two reasons: 1) To create a planned economic system is very complicated due to information centralisation, and would be very costly to maintain and implement. This serves as a barrier to making a planned system in the first instance. 2) Planned systems suffer from extraordinary economic inefficiencies due to incredible distortion of market signals, which normally allow individuals to make efficient good allocations and schedules. The organiser of the planned economy has to try and overcome this by perfectly predicting market equilibria and enforcing production quotas to maintain them. However, there is no incentive to follow quotas but force, since there is no reward from production.
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
What economic system does a socialist country have?
Socialism (a classless stateless society based on production for use) will have to exist at a global level, so there cannot be a Socialist country. And there will be no ones or wages or prices, hence no economic system.
What is myanmar's economic system?
planned economy
What country is an example of a planned economy?
A planned economy is one that is defined by " the economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a public body such as a government agency". So essentially it is planned out by a government or similar body.
What kind of economic system are described in the Hunger Games?
planned or command economic system
What countries has planned economic systems?
dorky donkey
What kind of economic system does a socialist country have?
Planned
