Question

Write a shortnote on central planned economy

Answer 1

Explanation:

"A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.centrally planned economies. Definition English: An economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.

A centrally planned economy is an economy where decisions on what to produce, how to produce and for whom are taken by the government in a centrally managed bureaucracy. Central planning is also referred to as a 'Command economy' or 'Communist economy. '"