ENTREPRENEURSHIP

Detailed explanation-1: -What Is a Centrally Planned Economy? A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Detailed explanation-2: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.

Detailed explanation-3: -Centrally planned economy An economy in which the government decides how economic resources will be allocated.

Detailed explanation-4: -In a command economy, resources and businesses are owned by the government. The government decides what goods and services will be produced and what prices will be charged for them. The government decides what methods of production will be used and how much workers will be paid.

Detailed explanation-5: -In market economies, there is private ownership of resources-established though property rights-and the factors of production and consumption are all coordinated through markets. In a market system, resources are allocated to their most productive use through prices that are determined in markets.