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Q: Explain what has happened to most of the large centrally planned economies?
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What has happened to most of the large centrally planned economies?

jgjjeajojeio


Why do centrally planned economies tend not to be efficient?

What are two reasons why a centrally planned economy tend to be less efficient than a market base economy


Who makes economic decisions in a centrally planned economies?

Harris de guzman ramos


What happens to most centrally planned economies?

Centrally planned economies can only be successful if they are incredibly small. Imagine A single group in America trying to control all the prices in the countless markets - it would simply not be possible. Therefore, most centrally planned economies eventually turn into some sort of free market economy. When prices are determined by the give and take of supply and demand, they are much easier to maintain.


What applies to all centrally-planned economies?

The government places much emphasis on the production of consumer products.


Can you name a country that has a planned economy?

North Korea is the most centrally planned economy in the world. Most others allow for *some* degree of private trade. Some other less centrally planned economies are: - China - Russia - Cuba


What statement applies to all centrally-planned economies?

The government places much emphasis on the production of consumer products.


Why are centrally planned economies moving towards free market economies?

This is because centrally planned economy can never reach the same level of efficiency that free market economies create. Although centrally planned economy does work in the short run (So Viet Union); in the long run, it creates huge inefficiency and thus harm not only the economy but also the people in the country. Hence, by moving towards free market they are able to gain more economic growth and possibly economic development.


How does a government involved in a centrally planned?

The type of government determines how a government becomes centrally planned.


In a traditional economy what are the economic decisions based largely on?

In a traditional economy the economic decisions are largely based on custom. In all centrally planned economies the government makes all important economic decisions.Ê


Is Italy centrally planned?

No. Since its creation in 1946, the Italian Republic has never had a centrally planned economy.


Why are the nations with centrally planned economies sometimes slow to succeed when they privatize industry?

A highly organised centrally planned economy will be a lot more efficient than a new and disorganised market economy, as it takes time for consumers to reveal their preferences, industry to make investment and products to be produced at rates which are efficient.