Central planning is a key characteristic of which economic system?
Central planning is a key characteristic of which economic system?
Homework Answers
Answer : Central planning is a key characteristic of Command and Control economy system. A command and control economy is a system where the government has decided about what goods should be produced, how much should be produced and prices are determined by the communist government.
In Command and Control Economy :
- A centeral government make all economic decision
- In this economy the government prepared five year plans for achiving country goals
- Allocate the resources properly by the government
- Production of all goods and services is the priorities of the centeral planning
- Central planning is a key of success of command economic system
CRUX : For implementing the policies of command and control economy central planning is a key characteristic of there economy system.
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