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Consumer Behaviour Essay

752 words - 4 pages

A command economy, also called planned economy, is directly controlled by the government. The state owns all property and controls all resources including land, labour, and capital in a command economy. Allocations of resources, supply, and price are regulated through central planning by command economy experts. The command economy discourages individualistic profit motives and consumerist needs. Under such a planned system, rewards, wages, and perks are disbursed based on the social value of the service performed. Certain sectors of the command economy get preferential allocation at the expense of others, which may lead to shortages in some essential goods. Absence of profit motives in a ...view middle of the document...

A third advantage to this type of economy is that it is capable of rapid change for major problems. The government owns the companies, so if production needs need to be shifted into a different area, the government is capable of doing it rather quickly. A final major advantage of command economies is that they are very stable. Command economies will never have sudden depressions. Although command economies may seem like a utopian form of economics, they also have many disadvantages. In command economies there is very little freedom. The individual usually doesn’t have the opportunity to decide what they want to do for a career, and they have no control over the goods they receive. Another major problem is that there is little reason for innovations, hard work, or quality of the work. Since no one makes more money than everyone else, the people feel like there is no reason to work hard. A third disadvantage is that there is little focus on consumer wants. A mixed economy is one that utilizes capitalism and government spending. Take the US for example. The prices of goods and services are determined by competition, supply and demand. While at the same, the government spends on societal needs such as Medicare, social security, education, and...

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