What Is A Disadvantage Of A Centrally Planned Economy? What are some disadvantages of centrally planned economies? • Consumers cannot choose and only those goods and services are produced which are decided by the government. • Lack of profit motive may lead to firms being inefficient. What are 3 disadvantages of a centrally planned economy?
Which Type Of Economy Do Private Businesses Decide What To Produce Or Sell? Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy
What Does Capitalism Do With Inequalities? What does capitalism do with inequalities? Capitalism builds on historically-inherited inequalities of class, ethnicity, and gender. By affording more opportunities for the generation of profits, it may also exaggerate differences due to location or ability. How does capitalism affect inequality? The global shift towards capitalism due to its potential