Question

What is a centrally planned economy?

Answer 1

Definition of 'Centrally Planned Economy'


An economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses. Unlike a market economy in which production decisions are made by private citizens and business owners, a centrally planned economy seeks to control what is produced and how resources are distributed and used. The production of goods and services is undertaken by state-owned enterprises.

Answer 2

Thank you so much