planned economy

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January 2020

AS A Level Business: Introduction To Economic Systems

By |2020-01-27T11:08:31+02:00January 27th, 2020|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Economic Systems

  • To understand Economic Systems one needs to recall and understand the Economic Problem
  • As has already been pointed out during our discussion of the Economic Problem:
  • Needs and wants, when the two are combined, are unlimited or […]

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December 2015

Planned Economy

By |2019-06-13T05:59:30+02:00December 7th, 2015|Notes, O Level Business Studies Notes, Ordinary Level Notes|

ZIMSEC O Level Business Studies Notes: Command Economy/ Planned Economy

Characteristics/Features

  • The government owns and manages all the resources.
  • The government determines what to produce, how much to produce and for whom to produce
  • The main motive is to provide goods and services rather than profit
  • The government sets the prices
  • Examples include Cuba, China and North Korea

Advantages

  • Prices are […]

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