Type of economy that gives the government total control over the allocation of resources. A planned economy alleviates the use of private enterprises and allows the government to determine everything from distribution to pricing. Planned economies basically give the government dictatorship type control over the resources of the country. Planned economies can provide stability, but also can limit the growth and advancement of the country if the government does not allocate resources to the innovative enterprises.
Related information about planned economy:
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An economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses.
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Encyclopedia of Business - Centrally Planned Economy.