Question

What does the government do in a centrally planned economy

Answer 1

In a centrally planned economy, the government does the following.

Explanation:

An economic system, in which the economy(including investment, capital and allocation of capital goods) is governed by a predefined economic and production plans, is called as the Planned Economy.

The system of planning in this economic system can either be centralized, decentralized or participatory.

This economic system is regulated by the Government. All decisions about the capital, lands, buildings, machinery, or other resources are taken by the government.

The production, prices, distribution, etc of the products or services are regulated centrally by the government.

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Answer 2

A centrally planned economy is an economic system in which the state government makes economic decisions rather than the interaction between consumers and businesses. ... State-owned enterprises undertake the production of goods and services.