Image by bobster855 ( Some rights reserved )

All economies need to answer the three basic questions which result from the fact of scarcity:

  • What to produce
  • How to produce
  • For whom to produce

For a planned economy, we need to research the following:

a) How it works – how does it answer the three basic questions above?

b) Advantages of this economic system

c) Disadvantages of this economic system

d) Examples covering the three above points

Some useful ‘starting point’ web sites follow:

BookRags on Planned Economies

Wikipedia on Planned Economies on Planned Economies

Fact Archive on Planned Economies (probably from various sources)

BBC News on North Korea (one of the last planned economies?)