Question

In ________, the state has the broad powers to decide what goods and services are produced and in what quantities.

Answer 1

The state has extensive authority to determine what goods and services are produced and in what quantities under centrally planned socialism.

A Centrally Planned Economy: What Is It?

A centrally planned economy, commonly referred to as a command economy, is a form of capitalism where decisions about the production and distribution of goods are made by the government. Market economies, where these decisions are the consequence of hundreds of choices made by producers and consumers, are different from centrally planned economies.

Although individual businesses may occasionally be brought into economic planning, state-owned corporations produce goods and services in planned economies frequently. In most cases, a centralized bureaucracy determines the costs, salaries, and production schedules.

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