ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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variety of goods and responsive prices
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jobs and private property
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equity and consumer choice
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incentives and income
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Detailed explanation-1: -What are two things that a command economy fails to provide consumers? Competition and consumer sovereignty.
Detailed explanation-2: -Choice and competition are the two things that a command economy fails to provide consumers.
Detailed explanation-3: -Disadvantages of command economies include lack of competition, which can lead to lack of innovation, and lack of efficiency.
Detailed explanation-4: -Any capitalist would argue that command economies face at least two major problems: first is the incentive problem and second is an information vacuum among the central planners making all the decisions.
Detailed explanation-5: -A command economy has a small number of typical elements: A central economic plan, government ownership of the means of production, and (supposed) social equality are essential features of a command economy.