Question

what is called economic planning​

Answer 1

Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism. As an allocation mechanism for socialism, economic planning replaces factor markets with a direct allocation of resources within a single or interconnected group of socially-ownedorganizations.

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Answer 2

Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism. ... 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