Planned Economy

A Planned Economy, also known as a Command Economy, is an economic system where the government or central authority takes significant control over the production, distribution, and allocation of goods and services. In a planned economy, the government makes decisions about what to produce, how much to produce, and how to distribute resources and goods, aiming to achieve specific economic and social objectives.

Key characteristics of a planned economy include:

1. Centralized Decision-Making: The government or a central planning authority is responsible for making economic decisions, such as setting production targets, determining prices, and allocating resources.

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