Answer:
Centrally Planned Economy
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 are different from market economies, in which such decisions are traditionally made by businesses and consumers.
The production of goods and services in command economies is often done by state-owned enterprises, which are government owned companies. In centrally planned economies, which are sometimes referred to as "command economies", prices are controlled by bureaucrats.
Answer:
A centrally planned economy is the one where means of production, land,labor ,capital and entrepreneur are owned and controlled by the government
Explanation:
This is an opposite of free market economy where means of production are in the hands of private individuals who canvass for ways to increase their wealth rather than providing basic services which are crucial to continued survival of the people as it is found under a centrally planned economy which is also known socialist economy.
There is imposition on the consumers rather than a situation where consumers are allowed to make their choices since government running a business venture in a monopolistic way would not allow competitors to operate which might bring about increased efficiency.
