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Define the planned or command economy system.
Planned or command economy:
Resources are owned through the state. The state assigns resources, and sets production goals and growth rates as per its own view of people's requirements. Income distribution is decided through the state. Prices play small or no part into informing resource allocation decisions as well as queuing rations scarce goods.
Why are markets considered as unsuitable for promoting development? The process of establishing a market system frequently includes radical reform which produces both winners
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critically evaluate the two main utility theories
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Importance of production.
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