Define planning. (Topic:Government and the Economy)
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Economic Planning. Economic planning is the process policymakers undertake to ensure the generation, sharing, and consumption of wealth. rand has examined the economic planning at local and national levels, the economic cycles that result, and the political issues surrounding the economic planning process.
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Economic Planning refers to decision making by any authority or committee based on a country's existing resources. It also includes the proper allocation of resources within an organisation or among several organisations to cater to the economic system as a whole.
Economic planning can be of several types such as Regional and National Planning, Physical planning, structural, Democratic and Decentralized planning, etc.
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