GENERAL KNOWLEDGE

Detailed explanation-1: -It is a conscious design to shape the socio-economic processes in order to achieve an objective:-Business Economics.

Detailed explanation-2: -The basic objective of economic planning is that there is equal distribution of resources, the goals set are completed within specific period of time, Increase the production and employment and also reduce the population growth.

Detailed explanation-3: -It involves allocation resources across different sectors of the economy in tandem with the specified objectives. It involves selection choices like development of agricultural sector or industrial sector, public sector or private sector involvement, closed economy or open economy model.

Detailed explanation-4: -Broadly, the objective of macroeconomic policies is to maximise the level of national income, providing economic growth to raise the utility and standard of living of participants in the economy.