Communism failed to provide incentives for workers and citizens to work hard and be productive. While there are many benefits from equality, if pushed to an extreme it robs people of an incentive to make an effort. There was little if any reward for hard work or innovation and a lack of punishment for poor or inefficient work. The lack of incentives was a major reason for the poor performance of Eastern Europe economies.
Answer:
Note: a true market economy does not exist. Command Economies
Explanation:
Answer:
The formula for unemployment rate is:
<u>Unemployment Rate = Number of Unemployed Persons / Labor Force.</u>
Explanation:
The labor force is the sum of unemployed and employed people. When you divide the number of people who are unemployed by labor force, you can find the unemployment rate.
