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advantages.:
Maximises the continues utilization of resources.
Distributes wealth equally among all peoplce so there are no inequalities.
Only products that are required are produced hence prevents production of socially undesired products. Disadvantages.
Lack innovation.
Can not detect consumer preferences accurately.
Resources are misallocated as consumer demands are not satisfied by production.
overstaffing problems, poor product quality, lack of efficiency.
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