Command Economy
Chapter 1: Chapter 1 · ECONOMICS · EN medium
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What to Produce How to Produce For Whom to Produce Completely determined and controlled by a central authority . Central Planning: Planning is an integral part of a Socialist economy. In this system, all decisions are undertaken by the central planning authority. . Maximum Social Benefit: Social welfare is the guiding principle behind all economic activities. Investments are planned in such a way that the benefits are distributed to the society at large. . Non-existence of Competition: Under the socialist economic system there is absence of competition in the market. The state has full control over production and distribution of goods and services. The consumers will have a limited choice. .
📖 Class 12 Economics English Medium 2024 Edition www.tntextbooks.in · Page 13
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What to Produce How to Produce For Whom to Produce Completely determined and controlled by a central authority . Central Planning: Planning is an integral part of a Socialist economy. In this system, all decisions are undertaken by the central planning authority. .
Maximum Social Benefit: Social welfare is the guiding principle behind all economic activities. Investments are planned in such a way that the benefits are distributed to the society at large. . Non-existence of Competition: Under the socialist economic system there is absence of competition in the market.
The state has full control over production and distribution of goods and services. The consumers will have a limited choice. . Absence of Price Mechanism: The pricing system works under the control and regulation of the central planning authority.
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