Planned economy

An economic system in which all economic decisions are planned by a central government is called planned economy.

Planning is the process of anticipating future events and conditions and determining courses of action for achieving organizational objectives.

An economy in which the government owns the productive resources, financial enterprises, retail stores, and banks.


Share it:  Cite

More from this Section

  • Process Conflict
    Process Conflict refers to over how work gets done. For process conflict to be productive, ...
  • Competition
    Competition refers to the battle among businesses for consumer acceptance ...
  • Accounts Payable 
    Accounts Payable is the phrase used when a company buys something on credit and has to ...
  • Industrial unions
    Industrial unions refer associations of workers employed within a given industry, such ...
  • Deregulation
    Deregulation regulatory trend toward elimination of legal restraints on competition in ...