or command economy - one in which economic decisions (supply, prices, etc.) are made by the government rather than by market forces.
an economy that is controlled by the central government, which sets goals, priorities, production schedules, prices, etc. Planned economies are characteristic of socialist societies. Mistrusting the capitalist system of laissez faire, which results in social injustices, they attempt to promote the public good by manipulation of economic forces. As the economies of the Soviet Union and Eastern Europe under communism reveal, however, planned economies are rarely as prosperous or as efficient as those which embrace free enterprise. Sometimes called a command economy.
an economic system An economic system is a mechanism which deals with the production, distribution and consumption of goods and services in a particular society
an economic system in which decisions about the production, allocation and consumption of goods and services are planned ahead of time, usually in a centralized fashion, though
an economic system in which decisions about the production, allocation and consumption of goods and services is planned ahead of time, in either a centralized or decentralized fashion
an economic system in which economic decisions are made by centralized planners who determine
an economy in which most decisions about resource allocation are made by the government
An economic system in which allocation decisions are made by central planners, rather than by entrepreneurs.
a plan created by Robespierre and his coworkers that involved the government in the economy - the government would set maximum allowable prices for key products rather than letting supply and demand determine prices. (p. 708)
A planned economy is an economic system in which a single agency makes all decisions about the production and allocation of goods and services. The term is used most often to refer to a centrally-planned economy (or command economy), in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.Myers, Danny. Construction Economics (2004), Spon Press (UK), p. 288 In a centrally-planned economy, the planners decide what should be produced and direct enterprises to produce those goods.Ollman, Bertell.
