World Languages, asked by Anonymous, 3 months ago

What is economic and what is economic planning?​

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Answered by skadamseth2007
4

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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Answered by sasmitanira1
2

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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