Question

Give the concept of centrally planned economy.

Answer 1

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

Answer:

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.

A centrally planned economy is one run by the government. The government decides the needs of the economy and then sees to it that those needs are met. They decide what to produce and how much. They determine prices and laws so that economy is efficient