Question

Decisions on the central problems in a centrally planned economy are taken

Answer 1

Answer:

Definition – A centrally planned economy is an economy where decisions on what to produce, how to produce and for whom are taken by the government in a centrally managed bureaucracy. Central planning is also referred to as a 'Command economy' or 'Communist economy. '

Answer 2

Answer:

A centrally planned economy is an economy where decisions on what to produce, how to produce and for whom are taken by the government in a centrally managed bureaucracy. Central planning is also referred to as a 'Command economy' or 'Communist economy. '

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