1.

Provide the overview of the characteristic of central planned economic system:

Central planned economy is the economy which is directed by the government, all
means of the production are state owned and controlled and the government makes all
economic choices.
To be existed, this type of economy needed 3 elements: the cooperation, the public
ownership and the equality as incentive.
The economy was reformed to planned economic system because people believed the
other economic systems were exploiting the working class and this system came as
the response to the industrial revolution. Besides, some people believed that if the
government controlled all, the quality of the product would be better.
However, the fact that the central planned economy had brought several problems
including the low wages for workers while the working hours was longer; the
increase of crime, poverty, disease and pollution as consequences of urbanization; the
unfair labor practice and the unsafe working condition.

2. Analyze advantages of central planned economic system:

It cant be denied that the central planned economic system had brought several
advantages.
First of all, the central planned economic system had brought the collective benefit.
Because the main purpose of this system focused on the benefits of the whole country
rather than focusing on any select individuals so the economy was planned to develop
in the way that increase the wealth of the entire nation; the income and wealth were
more equally distributed; the goods and services were set at the price that everyone
could afford. As the result, all the presidents could reached their basic needs,
received the necessary goods and services.

Secondly, the central planned economic system had brought a more stable economy.
A central planned economy is government controlled economy, it was planned to
encourage investment in more stable and longer term projects which is less likely to
be strongly affected by recessions; so less opportunity for the inflation and downturn
in comparison to other types of economies. As the result, the fewer booms and busts
also means fewer number of unemployment.
Last but not least, this type of economy could bring the full use of resources because
it was planned out by governmental agencies which had the information of all
available resources and could attempt to utilize them to their fullest potential.