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A centrally planned economy usually has one central body (government agency) that determines the products that should be produced and how they should be sold. In a centrally planned economy, the forces of demand and supply will play a very small role in pricing or export and imports.

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Joel Labadie

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Q: What are the characteristic of a centrally planned economy?
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What is the characteristic of a centrally planned economy?

One characteristic of a centrally planned economy is a steady money supply that is backed usually by gold or silver. This economy is moderated by the state in order to control availability.


How is a government involved in a centrally planned economy?

In a centrally planned economy, the central government decide which part of the country to allocate cash and which one not to.


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No. Since its creation in 1946, the Italian Republic has never had a centrally planned economy.


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What is the role of government in a centrally planned economy?

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Why do centrally planned economies tend not to be efficient?

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Which country has most extreme example of a centrally planned economy?

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What is the economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?

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