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What are the limitations of a planned economy?

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First answer by ID1613979523. Last edit by ZippyFX. Contributor trust: 12 [recommend contributor ]. Question popularity: 1 [recommend question].

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What is a planned economy?
An economy where a government has the responsibility of allocationg resources.
Is the UK a planned economy?
No, the UK is a Market economy. A market economy is one in which in which the prices of goods and services are determined by supply and demand.
What is not a characteristic of a centrally planned economy?
Each collective or factory sets its own goals.
What do you mean by planned or command economy?
A planned economy or directed economy is an economic system in which the government or workers' councils manages the economy. It is an economic system in which the central government makes all...
What are other names for a planned economy?
A planned economy can be referred to as a: command economy centrally planned economy, command and control economy