Price Is the Coordinating Mechanism in a Planned Economy

question 20

True/False

Price is the coordinating mechanism in a planned economy.

---

Definitions:

Occupational Licensing

The requirement to obtain certification to demonstrate competency in a profession before being allowed to legally perform certain jobs.

Unnecessary Requirements

Stipulations or conditions imposed in a context (like a job or product use) that are not essential for its primary function or purpose.

Excessive Requirements

Unreasonably high or unnecessary conditions or stipulations imposed, often making processes or achievements difficult to attain.

Unions

Organizations formed by workers from related sectors that work towards securing better pay, benefits, and working conditions for their members.