Question

Economic planning is a term used to describe the long term plans of the government to co-ordinate and develop the economy with efficient use of resources in last 5 years plans and compare their objective and achieve rate.

Answer 1

Economic planning is a resource allocation mechanism that is contrasted with the market mechanism. As a coordinating mechanism for socialist economics, economic planning substitutes factor markets and is defined as a direct allocation of resources.

That is contrasted with the indirect allocation mechanism of a market economy.

Economic planning can take various procedures and forms.

The level of centralization in decision-making in planning depends on the specific type of planning mechanism employed. As such, one can distinguish between centralized planning and decentralized planning.An economy primarily based on central planning is referred to as a planned economy. In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements.Planning may also take the form of directive planning or indicative planning.

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