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Economics explained
Category:
Economic systems
The planned economy
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Planned economy
In the planned economy, the government has a central role in all decisions that are made.
The command economy is usually associated with a socialist or communist economic system, where land and capital are collectively owned.
The main features of such an economic system are:
Production decisions (what, how and for whom production should take place) are decided by the government.
Hence, resources are controlled by the government on behalf of its citizens.
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