abc

In planned economy (command economy) an economic system in which g all overnment or worker councils manages the country economy. Government lead the manufacturing and distributing of income. The planners decide what to be produced and direct the enterprise to produce those right they have decided. Countries which ar having planned economy system, the country is more(prenominal) often than non fall in the not variable country. businessman would not want to invest or moved over thither and live. plotted economy still costs in Myanmar. Advantages of think economy: Stability. Countries would not suffer from bust business cycle. infra a planned economy, neither unemployment nor idle production facilities should exist beyond minimal levels, and the economy should develop in a electrostatic manner, prevented by inflation or recession merging collective objectives by respective(prenominal) sacrifice. be after economy serves collective rather than individual needs, under such system rewards, whether wages or perquisites, are to be distributed according to the value that the state ascribes to the dish performed.

A planned economy eliminates the individual profit motives as the driving force force of production and places it in the manpower of the state planners to tick off what is the appropriate production of unlike sets of goods. Disadvantages of Planned Economy: senseless and shortage. Planned economy cannot mark consumer preference; they do not know how much to produce. draw to surplus or shortage. superabundance leads to wastage of labors and materials. Lack of incentive for innovation. Planned economy can generate vast national reso urces into seek and development if it put ! downs the idea that a particular world is critical to its interests, usually military technology. Corruption. Planned economy creates accessible conditions favoring political corruption. Centralized decision-making predisposes planners to abuses of power.If you want to get a adequate essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: How it works.