Question

John is an employee at a car manufacturer. today he has come into work to find that production has stopped because the government has determined that the steel used in the cars will be better used in the manufacture of a new railway line. john doesn't mind, because although his wages are low, he gets paid whether there is any work for him to do or not. john most likely lives in a ________.

Answer 1

John most likely lives in a "planned economy".

A planned economy is a sort of financial framework where venture and the assignment of capital merchandise happen as per vast monetary and creation designs. A planned economy may utilize brought together, decentralized or participatory types of financial planning. A planned economy is a monetary framework in which the administration controls and manages generation, dispersion, costs, etc.