Three characteristics of planned economy

Planned economy, or planned economy system, also known as command economy, is an economic system that plans production, resource allocation and product consumption in advance. Under this system, the country's production, resource allocation and product consumption are all planned in advance by the government or consortium. Extended data function:

Under the planned economy, these three economic issues are all decided by the government or consortia.

In the planned economy, not only state-owned enterprises are controlled by the government, but also private enterprises are guided by the government.

Planned economy is one of the greatest attributes of socialist countries, so it is often interpreted as being interlinked with capitalism.