The benefits of a command economy include low levels of inequality and unemployment, as well as the common goal of replacing profit with equality as the major motivator for production. Command economies have disadvantages such as a lack of competition, which can lead to a lack of innovation and efficiency
What is an Economic System?
- An economic system is a way for societies or governments to organise and distribute available resources, services, and goods throughout a geographical region or country.
- Economic systems govern production elements such as land, capital, labour, and physical resources.
- An economic system is the collection of organisations, agencies, entities, decision-making processes, and consumption patterns that make up the economic structure of a given community.
- Each economy runs based on a unique set of conditions and assumptions.
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