Question: Central planning was the method used in the communist system for making commodities. It failed because the planners lacked the information and motivation to direct

Central planning was the method used in the communist system for making commodities. It failed because the planners lacked the information and motivation to direct an increasingly complicated economy. Instead of being inevitable, socialism proved to be impossible. Making laws is not so different from making commodities. Contrast centralized and decentralized ways of making laws.

Step by Step Solution

★★★★★

3.43 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To do their job efficiently the central planners in a communist society need to know t... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

153-L-B-L-L-E (1242).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Show by the method used in the previous problem that the determinant of the elements of a tensor is an invariant quantity under a similarity transformation. Verify this result also for the case of...

Most businesses prefer to use the method used in Exercise 1 to calculate gross pay. Discuss reasons for this preference.

The Federal Reserve System was designed as a decentralized central bank. Why?

I have asked three questions with my textbook chapter in which they come from. it would be greatly appreciated if you could help me answer these three questions. Thanks so much. :) 1. What is the...

Read the case: The dream's door: a case of a MNC in Poland Introduction It was a nice sunny morning in Zurich. DAK Europe's chairman gathered all of his board members around a large table and went...

How did China's economy perform during the first decade of the 2000s? How did joining the WTO contribute to China's economic performance? What economic issues led Wen Jiabao to revise China's...

7 Writing in the Workplace If writing must be a precise form of communication, it should be treated like a precision instrument. It should be sharpened, and it should not be used carelessly. Theodore...

60% + JOYT 2009 Thes: Leadership Magazine, Darden Restaurants. Clarence Otis Why America Is Addicted to Olive Garden By Chuck Salter On a Tuesday morning in April, the presidents of three of the...

SMU-11-0002 Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F302540 r thee new marketting forecastss for this moonth's planninng Catthy Wong...

Hello can you please help with this case study, that's an exercice given by the teacher in order for us to get ready for the mid-term, he said he is going to give something like that, so we should...

Peters, Inc. produces chocolate chip cookies. Costs for producing one batch appear below: Direct materials $ 8.00 Direct labour 3.00 Variable overhead 1.00 Fixed overhead 4.00 An outside supplier has...

Air at 95 F, 16 lbf/in.2 flows in a 4 in. 6 in. rectangular duct in a heating system. The volumetric flow rate is 30 cfm (ft3/min). What is the velocity of the air flowing in the duct?

41. LO.2 Belinda spent the last 60 days of 2012 in a nursing home. The cost of the services provided to her was $16,000. Medicare paid $8,500 toward the cost of her stay. Belinda also received $9,500...

Explain each of the following terms: (a) authorized common stock, (b) issued common stock, and (c) outstanding common stock.

(Multiple Choice Questions) 1. CPA QUESTION: Decal Corp. incurred substantial operating losses for the past three years. Unable to meet its current obligations, Decal filed a petition of...

On November 5, The Fred Hawes Organization, Inc., a small subcontractor, opened an account with Basic Distribution Corp., a supplier of construction materials. Hawes promised to pay its bills within...

If Hertz can avoid paying damages because of this violation of the law (driving without a license and drunk driving), couldnt Hertz rewrite the contract so that its insurance is voided by any...

Serial Problem Business Solutions LO P1, P2, P3, P4, P5 After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017 unadjusted...

solve part b only Question 3: (Total 10 marks) Use the information presented below to answer the questions: A. Record the following transactions in the Enterprise Fund of the country: (1*5: 5Marks)...

Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a...