explain briefly the background for making of the economic plan
Dear student,
There was a need to make economic plan due to several reasons:
1) There was large inequality of income between various sectors of economy, to overcome this difference economic planning was needed.
2) The private sector was lacking back to boost their performance and to provide opportunities to private sector economic plan was necessary.
3) There was huge unemployment in economy (especially disguised unemployment) for its removal economic planning was needed.
4) To change standard of living economic plan was needed.
Regards
There was a need to make economic plan due to several reasons:
1) There was large inequality of income between various sectors of economy, to overcome this difference economic planning was needed.
2) The private sector was lacking back to boost their performance and to provide opportunities to private sector economic plan was necessary.
3) There was huge unemployment in economy (especially disguised unemployment) for its removal economic planning was needed.
4) To change standard of living economic plan was needed.
Regards