SSC MTS / SSC GD Exam > SSC MTS / SSC GD Questions > Which of the following is NOT a characteristi...
Start Learning for Free
Which of the following is NOT a characteristic of economic planning?
- a)Decentralization of economic decision-making
- b)Allocation of resources based on priorities
- c)Setting specific targets and goals
- d)Adherence to market forces for resource allocation
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Which of the following is NOT a characteristic of economic planning?a)...
Understanding Economic Planning
Economic planning involves the strategic allocation of resources to achieve specific goals and objectives within an economy. It is predominantly associated with planned economies or systems where government intervention is significant.
Characteristics of Economic Planning
- Decentralization of Economic Decision-Making
Economic planning often involves centralized decision-making; however, some plans may allow for decentralized approaches to empower local authorities.
- Allocation of Resources Based on Priorities
In economic planning, resources are allocated according to strategic priorities set by planners, ensuring that essential sectors receive adequate investment.
- Setting Specific Targets and Goals
A fundamental aspect of economic planning is the establishment of clear, measurable targets, enabling planners to track progress and adjust strategies accordingly.
Why Adherence to Market Forces is NOT a Characteristic
- Market Forces vs. Planning
In a planned economy, resource allocation is primarily determined by government directives rather than market forces. Market economies rely on supply and demand, where prices are set through competition, contrasting with the controlled environment of economic planning.
- Interventionist Approach
Economic planners intervene to correct market failures, ensure equity, and promote overall economic stability, which often contradicts the laissez-faire principles of market economies.
- Goal Orientation
Planning focuses on achieving specific socio-economic goals, rather than allowing market dynamics to dictate outcomes, which can lead to inefficiencies or inequities.
In summary, adherence to market forces for resource allocation is inconsistent with the principles of economic planning, making option 'D' the correct answer.
Economic planning involves the strategic allocation of resources to achieve specific goals and objectives within an economy. It is predominantly associated with planned economies or systems where government intervention is significant.
Characteristics of Economic Planning
- Decentralization of Economic Decision-Making
Economic planning often involves centralized decision-making; however, some plans may allow for decentralized approaches to empower local authorities.
- Allocation of Resources Based on Priorities
In economic planning, resources are allocated according to strategic priorities set by planners, ensuring that essential sectors receive adequate investment.
- Setting Specific Targets and Goals
A fundamental aspect of economic planning is the establishment of clear, measurable targets, enabling planners to track progress and adjust strategies accordingly.
Why Adherence to Market Forces is NOT a Characteristic
- Market Forces vs. Planning
In a planned economy, resource allocation is primarily determined by government directives rather than market forces. Market economies rely on supply and demand, where prices are set through competition, contrasting with the controlled environment of economic planning.
- Interventionist Approach
Economic planners intervene to correct market failures, ensure equity, and promote overall economic stability, which often contradicts the laissez-faire principles of market economies.
- Goal Orientation
Planning focuses on achieving specific socio-economic goals, rather than allowing market dynamics to dictate outcomes, which can lead to inefficiencies or inequities.
In summary, adherence to market forces for resource allocation is inconsistent with the principles of economic planning, making option 'D' the correct answer.
Free Test
FREE
| Start Free Test |
Community Answer
Which of the following is NOT a characteristic of economic planning?a)...
Economic planning involves central coordination and allocation of resources based on priorities, rather than relying solely on market forces.
|
Explore Courses for SSC MTS / SSC GD exam
|
|
Similar SSC MTS / SSC GD Doubts
Top Courses for SSC MTS / SSC GDView all
Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer?
Question Description
Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer?.
Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for SSC MTS / SSC GD.
Download more important topics, notes, lectures and mock test series for SSC MTS / SSC GD Exam by signing up for free.
Here you can find the meaning of Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which of the following is NOT a characteristic of economic planning?a)Decentralization of economic decision-makingb)Allocation of resources based on prioritiesc)Setting specific targets and goalsd)Adherence to market forces for resource allocationCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice SSC MTS / SSC GD tests.
|
|
Explore Courses for SSC MTS / SSC GD exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup