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4 Cards in this Set
- Front
- Back
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Define planned Economic system |
This is the system where only the government determines how resources are been allocated distributed and produced. All productive resources are owned by the government. |
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Adv of planned economic system |
1) Government produce goods such as road lights and motivated defence. 2) there is equal distribution of income. 3) Government controls monopoly and demerit by using rules and regulation. |
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Disadv of planned economic system |
1) since the government focus on quantity of goods this may lead to low quality goods. 2) no free enterprises this slows down economic growth. 3) no individual freedom to choose what they want. |
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Lower rate of absenteeism |
Bshs |
