Economic Systems
An economic system is an organized way in which a state or nation allocates its resources and apportions goods and services in the national community. There are three types of economic systems namely the mixed economic system, free market system and the planned/command system. This paper aims to explain what a planned economic system is, the characteristics of the system and how resources are allocated within the system.
A planned economy is an economic system in which factors of production are owned and managed by the government. Therefore, the government decides what to produce, how much to produce and for whom to produce. Although, a planned economy may be based on either centralized or decentralized forms of economic planning, it usually refers to a centrally planned economy. The aim of central planning is to improve productivity and coordination by enabling the government to take advantage of information achieved through the consolidation of economic resources, such as capital, land and labour, when making decisions regarding investment and the allocation of economic inputs. Examples of countries that execute planned economic systems include Cuba, China, North Korea and Iran.
In a planned economy all resources are owned and managed by the government. Therefore, there is no private sector to contribute to production, investment and the overall growth in the nation’s economy. Another characteristic of a planned economy is that there is no consumer or producer sovereignt...
Introduction
I believe that based on the case study it was noted that it is obvious that the executive staff waited so long to create a methodology because they were afraid that they might lose power. The consultant explained that whichever executive gets control of the Project Management Office (PMO) may become more powerful than other executives because he or she now controls all of the project management.
I would recommend to both the senior executives and Mr. John
A planned economy is an economic system in which factors of production are owned and managed by the government. Therefore, the government decides what to produce, how much to produce and for whom to produce. Although, a planned economy may be based on either centralized or decentralized forms of economic planning, it usually refers to a centrally planned economy. The aim of central planning is to improve productivity and coordination by enabling the government to take advantage of information achieved through the consolidation of economic resources, such as capital, land and labour, when making decisions regarding investment and the allocation of economic inputs. Examples of countries that execute planned economic systems include Cuba, China, North Korea and Iran.
In a planned economy all resources are owned and managed by the government. Therefore, there is no private sector to contribute to production, investment and the overall growth in the nation’s economy. Another characteristic of a planned economy is that there is no consumer or producer sovereignt...
Introduction
I believe that based on the case study it was noted that it is obvious that the executive staff waited so long to create a methodology because they were afraid that they might lose power. The consultant explained that whichever executive gets control of the Project Management Office (PMO) may become more powerful than other executives because he or she now controls all of the project management.
I would recommend to both the senior executives and Mr. John