ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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little equality
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little scientific development/ innovation
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unlimited natural resources
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no disadvantages available
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Detailed explanation-1: -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-2: -What is the disadvantage of a traditional economy? DISADVANTAGE: discourages new ideas and new ways of doing things. Lack of progress means lower standard of living.
Detailed explanation-3: -Why do we need innovation? One of the major benefits of innovation is its contribution to economic growth. Simply put, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows.
Detailed explanation-4: -High rates of unemployment or underemployment. Increasing inequality, with many not being included in the growth process. High rates of poverty and low growth. Volatile growth dependent on one source. More items