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    Econo - Mics Retake 2 Notes PPPPP

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    anayagigi5
    North Korea and Cuba have command economic systems. Under this system, everything is controlled and managed by the state. There is no private property, private sector, or choice in terms of production or consumption. The state determines what and how much to produce. The advantages are that everyone is provided with basic necessities and public goods. However, the disadvantages include inefficiency since there is no competition, lack of incentives for workers and firms, and complacency.

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    Econo - Mics Retake 2 Notes PPPPP

    Uploaded by

    anayagigi5
    4 views2 pages
    North Korea and Cuba have command economic systems. Under this system, everything is controlled and managed by the state. There is no private property, private sector, or choice in terms of production or consumption. The state determines what and how much to produce. The advantages are that everyone is provided with basic necessities and public goods. However, the disadvantages include inefficiency since there is no competition, lack of incentives for workers and firms, and complacency.

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    Econo.mics retake 2 notes ppppp

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    North Korea and Cuba have command economic systems. Under this system, everything is controlled and managed by the state. There is no private property, private sector, or choice in terms of production or consumption. The state determines what and how much to produce. The advantages are that everyone is provided with basic necessities and public goods. However, the disadvantages include inefficiency since there is no competition, lack of incentives for workers and firms, and complacency.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    4 views2 pages

    Econo - Mics Retake 2 Notes PPPPP

    Uploaded by

    anayagigi5
    North Korea and Cuba have command economic systems. Under this system, everything is controlled and managed by the state. There is no private property, private sector, or choice in terms of production or consumption. The state determines what and how much to produce. The advantages are that everyone is provided with basic necessities and public goods. However, the disadvantages include inefficiency since there is no competition, lack of incentives for workers and firms, and complacency.

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    © All Rights Reserved
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    of 2

    Planned Economic System

    - -
    North Korc

    Ov Cuba
    Command Economic
    System .

    Karl-Marx .

    Extre be a b a
    EverythingShould
    Controlled
    managed
    owned ,

    9 No
    -

    private property
    .
    -
    No private Sector.
    -

    allocation of resources is done by the


    planing
    team .

    What to
    -

    produce 7
    -

    How toproduce ?
    - for mom to
    produce
    -

    No Choice it terms of production or


    consumption - o

    occupation

    Advantages of Command Economic System :

    One

    Every is
    provided with Food Shelter a
    clothing
    -

    ,
    M

    Sufficient Supply of public Goods


    .
    -

    Monopolic may exist but Since


    they will be
    government
    owned

    So it will not exploitConsumers


    Sufficient Supply of good of
    marit will
    every citizen
    -

    which

    have an access to

    Disadvantages of planned Economy


    -

    a
    .

    No
    Competition make firmsComplacent
    Labour is
    lively
    to be
    inffecient they may not be
    -

    as in

    their Choice of occupation Also they do not have work


    any
    .

    there
    Incentiveas is no or little Pay
    .
    firms likely to inefficient there profit
    -

    are be as is no motive .

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