Definition for Difference between revisions of "Centrally planned economy"
From Biology Forums Dictionary
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| − | The government determines how to allocate resources. | + | 1. Is one where the government controls the country’s supply and demand of goods and services. This type of economy is generally associated with communist and socialist governments such as China and the former Soviet Union. |
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| + | 2. The government determines how to allocate resources. | ||
[[Category:Economics]] | [[Category:Economics]] | ||
Latest revision as of 10:59, 2 February 2018
1. Is one where the government controls the country’s supply and demand of goods and services. This type of economy is generally associated with communist and socialist governments such as China and the former Soviet Union.
2. The government determines how to allocate resources.