planned economyis a system where all major
Planned Economy
Is a system where all major economic decisions are made by a government ministry or planning organisation. Here all questions about the allocation of resources are determined by the government.
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features of free market systemthe features of a free market system arei ownership of means of productionindividuals
resource allocation in a free enterprisealthough there are no central committees organising the allocation of resources there is supposed to be no
advantages of a free market systemincentive people are encouraged to work hard because opportunities exist for individuals to accumulate high
disadvantages of a free economythe free market gives rise to certain inefficiencies called market failures ie where the market system fails to
planned economyis a system where all major economic decisions are made by a government ministry or planning organisation here all questions about the
features of planned economythe command economies relies exclusively on the state the government will decide what is made how it is made how much
advantages of planned systemi uses of resources central planning can lead to the full use of all the factors of production so reducing or
disadvantages of the planned systemthe centrally planned economies suffer from the following limitationslack of choice consumers have little
the mixed economythere are no economies in the world which are entirely market or planned all will contain elements of both systemsthe degree of mix
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