It is an economic system in which Government regulates the Prices and what to produce in the particular Country .
The correct answer would be option B, An economic system in which the government government regulates the production.
A centrally planned economy is an economic system in which the government regulates the production.
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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