ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a lack of competition.
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taxes.
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a shortage of consumer goods.
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profit.
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Detailed explanation-1: -Some of the cons include a lack of efficient resource allocation, lack of innovation, and the needs/preferences of society may be ignored due to poor planning.
Detailed explanation-2: -KEY Points. Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.
Detailed explanation-3: -Both socialism and communism are types of a command economy. In all three, the government controls businesses, resources, and economic activity in the country.
Detailed explanation-4: -Socialism and the Command Economy In socialist countries, the state centralizes and controls economic decisions. A dictator or central planning committee decides what goods will be made, who will make it, how much to make, and who will buy it. The state does not control labor.