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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.
What is culture and human capital? Human capital is the knowledge, experience and skills of employees and can be raised by investing into education, job training and health
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Describe the characteristics of Monopolistic Competition
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