planned economy JUST WRITTEN FOR YOU
/plænd ɪkˈɒnəmi/ · planned ɪkˈɒn.ə.mi
noun
- An economic system in which government directly manages supply and demand for goods and services by controlling production, prices, and distribution in accordance with a long-term design and schedule of objectives. The planned economy of the Soviet Union was characterized by state control over major industries.
Did you know? The concept of a planned economy has been influential in shaping the economic policies of various countries, including the Soviet Union and China.