planned economy (It refers to an economic system in which the allocation of resources, production, and distribution of goods and services are centrally planned and controlled by a central authority, typically the government. In a planned economy, the government sets production targets, determines resource allocation, and regulates prices and wages. Decisions regarding production, consumption, and investment are made based on a predetermined economic plan rather than through the interactions of supply and demand in a market. Planned economies aim to achieve specific economic and social goals, such as equitable distribution of resources, social welfare, and industrial development. However, the effectiveness of planned economies has been a subject of debate, with concerns raised about inefficiency, lack of incentives, and limited innovation.)