The type of economic system when government owns the factors of production, answers the question of who, what and how to produce, and eliminates choice and competition is called a command economy. It is the opposite of a market economy.
Command economy advantages include low levels of inequality and unemployment and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency
While there are several advantages to a traditional economy, these economies are not without their disadvantages. Because these economies rely on hunting, fishing, gathering, and the land in the form of farming, when the weather changes, the economy becomes jeopardized
A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. According to neoclassical theory, mixed economies are less efficient than pure free markets, but proponents of government interventions argue that the base conditions such as equal information and rational market participants cannot be achieved in practical application.
Answer:
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Explanation:
In China, first five year plan was from 1953 to 1957. It stressed rapid industrial development with social assistance. and it proved to be successful.
Explanation:
China wanted to achieve development and make a transition from an agricultural based economy to industrial based economy and hence it decided to invest on heavy industries based on the soviet model. Economic style followed soviet' model which featured state ownership, collective farming strategy and centralized economic planning. Soviets even helped China plan its economic model by drafting the first five year plan.
China, initially faced problems due to \the lack of imbalance in manpower to resources and hence many of the industries were being nationalized so that the government funded these projects. It is observed that soviet also co funded some of the national projects of china. It gave loans to China which china had to repay. China' economic plan was a success. There was a significant in the produce of heavy metals and industrial production also increased a lot.
Answer:
U.S. Senator
Explanation:
Lincoln was never a senator, although he did ran to become one. Still, he was chosen as a candidate for Senate, but lost to Douglas. Still, that episode of his career is very interesting because of famous debates these two had. Nevertheless, Lincoln became one of the most prominent figures in American history.
