The Central Planning Approach Failed Because of Problems of Information

question 147

True/False

The central planning approach failed because of problems of information and incentives.

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Definitions:

Entrepreneurial Culture

An organizational culture that values innovation, encourages taking risks, and supports the initiation of new business endeavors.

Bureaucratic Culture

An organizational culture characterized by formal procedures, hierarchical structure, and a clear division of labor, emphasizing control and authority.

Standardization

The process of making something conform to a standard in order to ensure consistency and compatibility.

Clan Culture

A type of organizational culture that emphasizes family-like relationships, where loyalty, tradition, and values are cherished.