planned economy
Definition:
In a planned economy the government decides what will be produced, by whom and in what quantities, by contrast with a market economy in which the forces of demand and supply determine how scarce resources will be allocated.
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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].