In this type of economy 'what to consume' and 'what not to consume' by the consumer is decided by the central authorities or government
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A free and competitive market economy is the ideal type of market economy, because what is supplied is exactly what consumers demand. Price controls are an example of a market that is not free.
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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.
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