Tag: command
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Disadvantages of Planned economy
Disadvantages of Planned system Lack of efficiency No choice for the consumers
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Disadvantages of Market economy
Disadvantages of market system The profitable goods and services are produced, people do not get the products they need (education, health). Mistreatment of workers Creates unemployment Huge gap between rich and poor Big firms control the whole market
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Economic system
3 Economic systems Market system Planned system Mixed system
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Types of Economic systems
3 different economies Market economy Planned economy Mixed economy Market economy An economy where the resources are managed by the private sector The government has minimal role, except providing some products Planned economy An economy where the resources are managed by the private sector The government has minimal role, except providing some products…