what do you mean by economoc planing
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Economic planning is a resource allocation system based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.
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economic planning “as a scheme of economic organisation in which individual and separate plants, enterprises, and industries are treated as coordinate units of one single system for the purpose of utilising available resources to achieve the maximum satisfaction of the people's needs
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