Pure Command Economies and Socialist Economies share a common trait – the major economic decisions are made for the people, Not by them! -it is not designed to meet the wants of consumers, even though many basic needs are provided. People and firms act in their own interests to answer the WHAT, HOW, AND WHOM questions.

An economic system in which economic decisions are based on customs, beliefs, religion, and habits. A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces, as well as the rules and manner of their distribution.

Centrally Planned Economy

A competitive disadvantage is an unfavorable circumstance or condition that causes a firm to underperform in an industry. Disadvantages typically include things such as know-how, scale, scope, location, distribution, quality, product features, process efficiency, productivity and costs.

noun. absence or deprivation of advantage or equality. the state or an instance of being in an unfavorable circumstance or condition: to be at a disadvantage. something that puts one in an unfavorable position or condition: His bad temper is a disadvantage.

Key messages. Community disadvantage comes about as a result of the complex interplay between the characteristics of residents living in a community (e.g., unemployment, low income) and the effects of the social and environmental context within the community (e.g., weak social networks, relative lack of opportunities).

: in a way that is causes loss, damage or harm to someone The deal worked to their disadvantage.

The pros and cons of something are its advantages and disadvantages, which you consider carefully so that you can make a sensible decision. They sat for hours debating the pros and cons of setting up their own firm.

Definition of put/place someone at a disadvantage : to make it harder for someone to succeed His lack of formal education put/placed him at a disadvantage in the business world.