Where the basic economic questions are determined at least to some degree through centralized government planning is referred to?

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2026-03-11 20:05

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The system where basic economic questions are determined through centralized government planning is referred to as a command economy or planned economy. In this system, the government makes decisions regarding the production, distribution, and allocation of resources, often aiming to meet the needs of the population rather than relying on market forces. Examples include former Soviet Union economies and some contemporary socialist states.

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