The economics system planned economy is ?
Correct answer: B. In which production and distribution of wealth is under government's control
- A. In which economists control production
- B. In which production and distribution of wealth is under government's control
- C. In which technocrats control production
- D. In which government controls distribution
Explanation
In a planned economy, the government centrally directs major decisions about production and the distribution of goods and income. Economists or technocrats may advise the system, but they do not define it.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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