Respuesta :
Suppose that in the country of Worthland, the productive resources are owned by the state and most economic decisions are made by its central government. This country has "planned economy".
What is planned economy?
An economic system where the components of the economy (such as labor, capital, and natural resources) are under the direction and regulation of the government in order to meet the goals of an all-encompassing economic development plan; contrast with free enterprise.
Some features of planned economy are-
- The government owns and controls all resources.
- Producer or consumer sovereignty do not exist.
- The pricing of products and services cannot be determined by market forces.
- The government's principal goal is to provide products and services to everyone, not to make a profit.
- As a result, the government decides what sorts of things and services will be created, how those goods and services will be made, and who will use them.
Characteristics of this economy include-
- governmental control of wages and pricing,
- limited property rights,
- government ownership of key businesses and industries, and
- robust black markets.
To know more about planned economy, here
https://brainly.com/question/3386698
#SPJ4
