_____ is when a central authority controls prices and production of goods and services.
Social Studies · High School · Tue Nov 03 2020
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Central Planning
Central planning is an economic system in which a central authority, typically the government, exercises control over the production and distribution of goods and services, including the setting of prices. This approach contrasts with market economies where prices and production are largely determined by the interactions of supply and demand in a decentralized manner. Central planning was a characteristic feature of command economies, particularly those associated with socialist or communist systems.