__________ describe the government deciding what kinds of goods and services would be produced and how much they would cost.

Question

Quizplus · Accepted Answer

Central planning is a system in which the government holds ultimate power in deciding what goods and services are produced, how much they should cost, and how they should be distributed. This system is in contrast to capitalism, where the market determines the production and pricing of goods and services, and socialism, where the means of production are owned and controlled by the state or community. Central markets, on the other hand, refer to a market where buyers and sellers come together to trade goods and services, but the government does not control or regulate the prices or production of goods.

__________ Describe the Government Deciding What Kinds of Goods and Services