Which of the following is true about planned economies?

a) In a planned economy, the state owns all means of production.

b) In a planned economy, entrepreneurs have economic incentives that encourage innovation.

c) In a planned economy, market regulations reduce the risk of economic stagnation.

d) In a planned economy, individuals benefit more from innovations than the state does.

Question

Business

Maliyah Ross

4 April, 13:41

Which of the following is true about planned economies?

a) In a planned economy, the state owns all means of production.

b) In a planned economy, entrepreneurs have economic incentives that encourage innovation.

c) In a planned economy, market regulations reduce the risk of economic stagnation.

d) In a planned economy, individuals benefit more from innovations than the state does.

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Answers (1)

Know the Answer?

Mikayla · Answer 1

Answer:a) In a planned economy, the state owns all means of production.

Explanation:

What is a planned economy?

A planned economy refers to a system of economy in which every power to govern the economy of the state lies on one authority mostly the government who takes decision on how the manufacturing and distribution of all teh goods and services is run within the state.

It is an opposite of market economy which is based on the decisions being takes by businesses and customers.