what is economic planning
Answers
Answer:
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. As an allocation mechanism for socialism, economic planning replaces factor markets with a procedure for direct allocations of resources within an interconnected group of socially owned organizations that comprise the productive apparatus of the economy.
Main Features
- Determining the objectives that are to be achieved.
- Estimating the resources that are available in the country.
- Determining the order in which the objectives are to be achieved.
- Designing suitable schemes for realizing of the objectives.
- Determining the plan outlay and investment.
- Allocation of resources between different sectors as per the priority of objectives
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Answer:
PLANING THAT IS TAKEN TO ENSURE THE GROWTH OF ECONOMY TO DEVELOPE THE COUNTRY ..................AND THE STEPS TAKEN TO IMPROVE THE COUNTRY 'S CONDITION TO MAKE IT DEVELOPED COUNTRY .....CAME TO BE KNOWN AS ECONOMIC PLANNING .
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