A country's economic system controlled by the government, which makes all the decisions about production, distribution and consumption of goods and services.

1. (economic definition) An economy in which a governmental authority decides what, when, and how much is to be produced and distributed. 2. (environments definition) An economy in which a central authority makes economic decisions, as contrasted with a market economy.

An economy in which the government fixes prices and production. A planned economy contrasts with a free market economy.

An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. This is also commonly termed a command e [..]

see command economy.

Definition Type of economy that gives the government total control over the allocation of resources. A planned economy alleviates the use of private enterprises and allows the government to determine [..]