Question
Statement 1: A planned economy is a type of economic
system where investment and the allocation of capital goods is determined by an economy-wide plan of production. Statement 2: A planned economy is based on either centralized or decentralized forms of economic planning. Statement 3: In Planned economies production, distribution, pricing and investment decisions are made by autonomous firms operating in markets. A set of three statements are given below. Read each statement and answer whether each statement is true or false?Solution
A planned economy may be based on centralized, decentralized or participatory forms of economic planning. Planned economies are usually associated with Soviet-type central planning, which involves centralized state planning and administrative decision making. Planned economies are held in contrast to unplanned economies, specifically market economies, where production, distribution, pricing and investment decisions are made by autonomous firms operating in markets.
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