In which type of economy does a central planning authority determine what, how, and for whom goods and services are produced?

Question

Quizplus · Accepted Answer

In a command economy, a central planning authority, typically the government, makes all decisions about what goods and services are produced, how they are produced, and who receives them. This contrasts with market economies, where these decisions are made through the interactions of consumers and businesses.

In Which Type of Economy Does a Central Planning Authority