Question

30. What are the central problems of an economy? How does planning help in solving them?

Answer 1

Answer:

Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning. Every economic activity in Capitalist economy is influenced by profit motive.

Explanation:

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Answer 2

Answer:

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Explanation:

Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning. Every economic activity in Capitalist economy is influenced by profit motive.