What is centrally planned economy.
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centrally planned economy means economy system made by central government for the people of his her welfare
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Heya Mate!!
It refers to an economy in which means of production are owned, controlled and operated by the govt. This economy is also known as socialist economy. The government organisers all economic activities and distribute various goods among the consumers on the basis of its own decisions. In this economy, the basic problems solved by central planning authority. The basis aim, while solving Central problems, is to work for social welfare of people.
Hope it helps..✌️✌️
It refers to an economy in which means of production are owned, controlled and operated by the govt. This economy is also known as socialist economy. The government organisers all economic activities and distribute various goods among the consumers on the basis of its own decisions. In this economy, the basic problems solved by central planning authority. The basis aim, while solving Central problems, is to work for social welfare of people.
Hope it helps..✌️✌️
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