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Damm [24]
3 years ago
13

What is a major disadvantige of a centrally planned economy

Business
1 answer:
cupoosta [38]3 years ago
6 0

Answer:

Lack of competition

Explanation:

A centrally planned economy lack competitiveness. The government decides what to produce, the price, and the distribution channel. Because of these restrictions, there is no motivation for profits. Without competition, a centrally planned economy will have the following features.

  1. There be a lot of inefficiency and wastefulness.
  2. Consumers will not have a variety of goods and services to choose from in the markets.
  3. Businesses will make low profits.
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