Question

give the concept of Central planned economy​

Answer 1

Answer:

A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.

Answer 2

A centrally planned economy is a form of economy where major decisions are taken by a central authority.

Explanation:

• In an economy, the decisions relating to what to produce, how to produce, and for whom to produce are the most important decisions.
• In a centrally planned economy, all the above-mentioned decisions are undertaken by one central authority, generally the central government.
• In this type of economy, the government is also responsible for regulating the activities deriving the market forces.
• The means of production are held by the government and regulated among industries as per the central rules and regulations.