In Malbadia,a central committee formed by the political powers decides what products and how many of each will be produced.This situation is typical of ________.

Question

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In a planned economy, the government or a central committee makes decisions about what goods will be produced, how much they will cost, and who will receive them. This is in contrast to a free market economy, where prices and production are determined by supply and demand, and a free enterprise economy, where businesses are owned and operated by private individuals with limited government intervention. The scenario described in Malbadia fits the definition of a planned economy.

In Malbadia,a Central Committee Formed by the Political Powers Decides