ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
can change direction drastically in a short time.
|
|
|
lacks the flexibility to deal with minor problems.
|
|
|
requires a large decision-making bureaucracy.
|
|
|
provides few incentives for people to work hard.
|
Detailed explanation-1: -Disadvantages of command economies include lack of competition, which can lead to lack of innovation, and lack of efficiency.
Detailed explanation-2: -command economy: the ability to drastically change direction in a relatively short period of time and many basic health and public services are available at little or no cost.
Detailed explanation-3: -The government creates a central economic plan. The government allocates all resources according to the central plan. The central plan sets the priorities for the production of all goods and services. The government owns monopoly businesses. More items
Detailed explanation-4: -Lack of competition and associated efficiency. Lack of freedom. Lack of innovation. Lack of incentive for hard work. Increased chance of corruption.