The determination by the state, of what shall be produced and how factors of production shall be allocated among different uses ?
Correct answer: A. Centralized planning
- A. Centralized planning
- B. Cognitive planning
- C. Circular flow model
- D. None
Explanation
Centralized planning is state determination of what goods will be produced and how resources will be allocated among competing uses. The circular flow model describes exchanges between sectors, not state allocation decisions.
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