Fiona is 7 years old
Rafael is 9years old
So,What is ivan
Can I ask you some questions ?
Yeah , What are the questions ?
What is the meaning of Centralized economic system ?
It is a system which economic activity is dominantly controlled by the central Government
What are the characteristics of Centralized Economic System ?
So , there are 5 characteristics in Centralized economic sysrtem
All economic activites are controlled by the Government All capital goods are controlled by the government Individual property right is not admitted
Ok , What else ?
There is no individual freedom in running any business and the last one is economic activity doesn't involve the people or private sector :)
Uhmmm.... ok thank you Rafael for your answer :)
Ok , see you later Raf
Ok Jake see you later too
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