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Economics explained


Economic systems

The planned economy

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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