All categories

3 years ago

What is one example of a planned economy?

Business

1 answer:

Daniel [21]3 years ago

6 0

Answer:

socialist economy

Explanation:

A planned economy is a system where the government or the central authority makes all major economic decisions. The government decides on the type and quantities of goods to produce and for whom to produce. In the planned economy, factors of production belong to the government. Manufacture of goods and services is motivated by service to the community, not profits.

A socialist economy is a good example of a planned economy. Just like in a planned economy, a socialist economy is characterized by heavy government involvement. The state controls the factors of production. Public service is the reason for economic production, while consumers do not have the liberty to choose products.

You might be interested in

Sofia is a lesbian. she is an employee in the sales department of northern motors. her supervisor constantly tells her that she

Jobisdone [24]

Is it HARASSMENT!????

7 0

3 years ago

How do seat belts and air bags save lives?

evablogger [386]

They are a safety requirement in which if a person gets into a incident for example, in a car crash the person will be safer than just being without protection in the vehicle they are being transported or driving in

4 0

3 years ago

After a buyer expresses a price objection, it is inappropriate for the salesperson to ask the buyer probing questions.

hodyreva [135]

It is not true.

Providing the price too soon might lead to price objection. Prior to discussing pricing during the sales process, you must first convince the potential customer of the benefit and help them express it. You lose control of the conversation when you reveal the price too soon. As you enter the bargaining stage, all future discussions will centre on price rather than value and results.

To know more about price objection refer here:

brainly.com/question/15969466

#SPJ4

8 0

1 year ago

You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are m

kumpel [21]

Answer:

C. The benefits of going on the vacation exceed the cost of working for a month to pay for the vacation

Explanation:

The benefits of vacation exceeds working because of the psychological benefits of the vacation. Because of the necessity of the vacation, even though you had to work for one month in order to save enough for the vacation, the benefits the person would enjoy because they went on this vacation would be more than what it cost for a month to pay for the vacation.

5 0

3 years ago

According to the principle of comparative advantage, trade between two countries will benefit Group of answer choices

tatuchka [14]

Answer: D. Both countries

Explanation:

The options include:

A. neither country

B. the country with lower production costs

C. the country with higher production costs

D. both countries

Comparative advantage occurs when a particular country produces a certain goods based on the fact that it has a lower opportunity cost of its production when compared to the other country. This typically occurs in international trade.

Comparative advantage is beneficial to both countries that are involved as the countries purchase the goods that it doesn't have a comparative advantage in from the other country.

4 0

3 years ago