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Another name for a Planned Economy
What is a Command Economy?
In a Planned Economy, they decide the answers to the economic questions.
What is a governmental authority?
A situation where all labour resources are utilized efficiently
What is Full Employment?
This is done when the government produces goods/services that are low in demand
What is Unnecessary Production?
What to produce?
How to produce?
For Whom to produce?
What are the Economic Questions?
They have ownership over all resources within the economy
What is a governmental authority?
Unused facilities that are excess to the economy's current needs
What are idle production facilities?
This is when employees do the bare minimum required of them which will ultimately reduce output and efficiency
What is work-to-rule?
What is the main objective of a Planned Economy?
They produce goods/services in a Planned Economy
What is a state-run enterprise?
This is achieved in a Planned Economy due to their primary objective
What is Equality?
This is a result of there being no profit incentive in a Planned Economy
What are Low Quality Goods?
An example of a Planned Economy
What is North Korea?
What are prices, wages, and production schedules?
Consumers can only buy what the Government produces
What is the Lack of Choice for Consumers?
The right to adjust prices to match the demand for a product
What is a free market right?
This is done based on equity as goods/services are shared equally among the population
What is the Distribution of Goods/Services?
This is a result of there being no motive for employees to work harder
What is the Lack of Innovation?