What is economic and what is economic planning?
Answers
Answer:
Economics is a part of social science which is associated with the study of production, households, distribution, firms, consumption of goods and services, industries and government, and decision making, etc
Economic planning is a resource allocation mechanism 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.
Explanation:
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Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Economic planning, the process by which key economic decisions are made or influenced by central governments.
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