Answer to Question #44964 in Microeconomics for Abdulla Sabit
Identify the economic system that exists in each of the following countries at the moment:China,Russia,Cuba,UK,U.A.E,U.S.A,Bangladesh and Iran.
In all of these countries, except Cuba there is mixed economic system, but in Cuba there is a command planned economic system. A planned economy is the economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a public body such as a government agency. Although a planned economy may be based on either centralized or decentralized forms of economic planning, it usually refers to a centrally planned economy. A mixed economy is commonly defined as an economic system in which both the private sector and state direct the economy, reflecting characteristics of both market economies and planned economies. Most mixed economies can be described as market economies with strong regulatory oversight and governmental provision of public goods. Some mixed economies also feature a variety of state-run enterprises.
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