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This lesson teaches students about origins and workings of command economies. In this video, we will learn about the Command Economy, also known as the Socialist Economy, in a clear and easy-to-understand
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DePersio, G. (2022). Command Economy: Advantages and Disadvantages. https://www.investopedia.com/ask/answers/032515/what-are- Generally, a society's economic system answers three fundamental questions: What do we produce, how do we produce it, and What is a Mixed Economy?
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Advantages of a Command Economy · Society favors social welfare and equity rather than profiteering · Prevents monopolies by private businesses in identified Advantages of command economies · Supporters of command economies argue that it enables the government to overcome market failure, inequality and create a
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A command economy and market economy are two opposite economic systems. A command economy focuses on total Is There a Better Economic System than Capitalism?
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Disadvantages of Command Economy · Lack of Efficiency: Without the profit motive and competition, there may be less incentive for innovation and efficiency, COMMAND ECONOMY: Definition,features, advantages and disadvantages
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