An disadvantage of this economic system is:the production of low-quality goods. Workers who are unhappy with where and how they are supposed to work are often given quotas to fill as a way to stimulate production. This sometimes causes the workers to focus on filling their quotas rather than on producing quality goods.

ECONOMIC SYSTEMS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Traditional
B	Command
C	Capitalism/Market
D	Mixed

Explanation:

Detailed explanation-1: -Some disadvantages could include: Creates scarcity due to an inability to plan for individual needs. Forces government rationing due to inability to calculate demand on set prices. Eliminates market competition, resulting in a lack of innovation and advancement.

Detailed explanation-2: -Disadvantages include the loss of individual freedom to choose, the production of low-quality goods, a large decision-making bureaucracy, and lack of individual initiative.

Detailed explanation-3: -There is less economic freedom. Businesses do not have the freedom to make decisions about what to produce and how much to produce. The government can distort pricing signals, which can lead to inefficiencies in the economy. More items

Detailed explanation-4: -Unequal distribution of income. Poor get poorer and the rich get richer-class struggle. High social costs. Unwanted multiplicity and way too much competition. Unsteadiness of capitalist economy. The situation of unemployment and under-employment. Slow development. More items •26-Feb-2023

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

ECONOMIC SYSTEMS