Difference between centrally planned economy and a market economy. (Is dis question important class 11 students?)
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ECONOMY GOVERNMENT & POLICY
Centrally Planned Economy
REVIEWED BY JIM CHAPPELOW Updated Sep 29, 2019
What is a Centrally Planned Economy?
A centrally planned economy is an economic system in which a single authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products. Centrally planned economies are the flip-side to market economies, in which such decisions are traditionally made by businesses and consumers, rather than by central authorities. It is the opposite of the invisible hand doctrine.
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