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marissa [1.9K]
3 years ago
13

What is typical of a centrally planned economy?

Business
1 answer:
Gnom [1K]3 years ago
4 0

Answer: A centrally planned economy has a central authority that makes all the economic decisions.

Explanation: Unlike the market economies where economic decisions like price are made by private organizations and individual consumers, a centrally planned economy which is also referred to as command economy, is an economic system that has a central authority (e.g government) that controls and dictates the economic decisions that has to do with the production, distribution and price of goods.

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The steps that contries must take to transition to a mixed-market economy is by first establishing a fair labor market, discouraging all foreign investment and opening up trade to other countries.

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Jack Spratt is the production manager for a manufacturing firm that produces wizzy-gadgets and other items. The annual demand fo
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Answer:

200 units      

Explanation:

For computing the number of units produced each time we need to applied the economic order quantity formula which is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

where,

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Now placing these values to the above formula

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= \sqrt{\frac{2\times \text{1,600}\times \text{\$25}}{\text{\$2}}}

= 200 units          

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