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Business Organizations: Types of Economic Systems

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Business Organizations: Types of Economic Systems

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Economic and Political Theories

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The kind of economy represents the maximum intervention of a government in the countries.
The government is responsible for all decisions regarding production and distribution.
It establishes which goods will be produced, the quantity and their price. In fact the government doesn't rely on the market forces of supply and demand.
Socialism and communism are associated with a centrally planned economy.
Countries such as the ex-USSR and other Eastern European countries used to follow this model. Today the countries which follow a planned economy system are Cuba and North Korea.

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-Less freedom and chice for citinzes.
-Shortages and over  supplies are common as production does not consider market demand.
-No incetive for innovation.

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-Prices under control so everybody can afford to consume goods and services.
-Less inequality of wealth.
-Low level of unemployment for everybody.