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What is control? Explain its characteristics
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The Legislative Department is mainly concerned with drafting of all principal legislation for the Central Government viz, Bills to be inrtroduced in Parliament, Ordinances to be promulgated by the President, measures to be enacted as President`s Acts for States under the President`s rule and Regulations to be made by .
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The definition/meaning of control in the economy and its characteristics is as follows-
- When individual limits are imposed, economic control is considered to have been created. An individual can be both a producer and a consumer. As a result, the control limits producers' and customers' options. To put it another way, in a planned economy, control can be enforced from the supply side, the demand side, or both sides.
- Characteristics are - (1)The pricing of products and services is controlled by the individual (or the government). (2)All financial decisions in the country are made by individuals, including the hourly rate of compensation for workers. They may even assign jobs to others. (3) The government has complete control over all resources. (4) Politicians, for example, give commands to buyers, sellers, and investors.
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