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Planned Economy
A Planned Economy or Command Economy is an economy primarily driven by the local government which chooses how much production an industry should perform. Given the myopic views of most governments, planned economies often resulted in production shortfalls and excesses, leading to general frustration of populaces where planned economies existed, such as most Communist countries prior to the 1980s.
359 Questions
What is different from a command economy and a mixed economy?
A Mixed economy is an economy that is both a planned and free enterprise economy.This means is has both STATE CONTROLLED economies and also PRIVATE OWNERSHIP economies. These 2 are commonly found the Caribbean, such as Barbados or Cuba for example. Free Enterprise is practically self explanatory. It if the economic system for people who own their own businesses such as shops.
The Controlled economy is well obviously controlled by the STATE but this usually affects larger companies and businesses.
Does North Korea have an Command Economy?
North Korea has a command economy.
that they developing
see link below
Did china change from a command economy to mixed?
I think it is now, allowing companies to keep profits to an extent that they didn't allow before and so forth.
A planned economy is also known as a command economy, and it is designed by a central governmental authority. It is a type of socialist economy, and it currently exists in North Korea, Laos, and Cuba.
What are the primary characteristics of a command economy?
ownership- all of the countries factors of production are own by the government
objectives- consumers, workers and the government are all assumed to be working for the common good.
competion - very little or not at all.
the planning system - this is an extra characteristic of the comand economy.as the government runs the system,they have the job of planning how all the resources should be used.the government provides the solution for the central economic problem
Is planned economy the same as mixed economy?
china is centrally planned economy its means that all the things in china are occupies by china government. they will decide what to produce, where to produce, how to produce it also decides that in which quantity they has to produce the thing.
What is another name for command economy?
A command economy can be referred to as a:
- planned economy,
- centrally planned economy,
- command and control economy
A command economy was used in communist countries. Examples are the former Soviet Union, North Korea, the People's Republic of China, and Cuba.
IS INDIA a free economy planned economy or mixed economy?
India has a mixed economy in that there is private property and companies that produce products for the benefit of profit.
There are many business regulations in India, this combined with the above places India as a mixed economy country.
What does market economy and command economy have in common?
Its aim to produce all goods and services that are demanded by the citizen (and often beneficial to them) using the least amount of resources (efficient.)
Which country has most extreme example of a centrally planned economy?
the most extreme example of a centrally planned economy are china,hongkong,cua and north korea
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
What countries has a command economy cuba France US or Canada?
Of the four countries listed (France, USA, Cuba, and Canada), only Cuba has a command economy. The rest have government-moderated capitalist economies.
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 planned economy, the government does the job of market forces in order to determine the outcomes.
the United States
In a centrally planned economy the three key economic questions are answered by the what?
central government alone
How market traditional and command economy adapt to change?
A traditional and command economy adapt slowly, a market economy adapts fast.
In a command economy economic decisions are mostly influenced by?
Its the government because its the one that control all means of production.
How is a laissez faire economy different than a command economy?
Laissez-Faire economy is Market economy where you can easily start your business. All control under your hand, but there can be some restrictions by government. Wages,production ,price of product are defined by producer. Equilibrium point easily find it place in Market economy, because seller want to sell all of his outputs in a good price that demanders could buy this product.
In Command economy all control under government's hand,government controls all means of Production. And put thy price on the product. Generally the products are not as qualitative as the product of Market economic. Because Market economics producer wants to make it qualitative to be selled .
What are other names for a planned economy?
In Continental Europe, the term "social market economy" or "Rhine capitalism" is generally used to refer to the mixed-market economic models used by those countries.
In the United States, United Kingdom, Canada and Australia, the type of capitalism is sometimes called the "Anglo-Saxon model", which is a type of mixed economy skewed more toward free-markets than the Continental European model of capitalist mixed economy.
The modern economic model in the People's Republic of China is considered to be a mixed-market economy. Officially, the name for this system is a "socialist market economy", but economists usually label it "state capitalism" instead.
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 countries have a command economic system?
Some countries that have a command market economy include China, Saudi Arabia, and Syria. Venezuela and Laos also have command market economies.
