Question

Explain three main feature of centrally planned economy give answer in 5 marks

Answer 1

Answer:

1. A centrally planned economy is one run by the government. The government decides the needs of the economy and then sees to it that those needs are met. They decide what to produce and how much. They determine prices and laws so that economy is efficient.
2. The production of goods and services in command economies is often done by state-owned enterprises, which are government owned companies. In centrally planned.
3. Centrally planned economies have been criticized by many economists as suffering from various economic problems related to poor incentives, informational constraints, and inefficiency.

Explanation:

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