In a system of _______________, a central bureaucracy dictates prices and outputs with the aim of allocating goods and services across society according to need.

Question

Quizplus · Accepted Answer

In a system of central planning, a central authority, often a government or a state-run agency, makes all decisions about the production and distribution of goods and services, including setting prices and output levels, with the goal of distributing resources according to societal needs rather than market demand. This is in contrast to market-driven economies where prices and outputs are determined by supply and demand dynamics.

In a System of _______________, a Central Bureaucracy Dictates Prices