Planned Economy

Planned Economy: Short Notes

A planned economy, also known as a command economy or centrally planned economy, is an economic system in which the government or a central authority has significant control over the allocation of resources, production, and distribution of goods and services. In a planned economy, economic decisions are made by government officials, often guided by a central plan or set of objectives.

Key Characteristics:

1. Centralized Control: The government plays a dominant role in determining what goods and services will be produced, in what quantities, and at what prices. This control extends to resource allocation, production methods, and even labor.

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