World Economic Systems Questions
A centrally planned capitalist economy is an economic system where the government plays a significant role in planning and controlling the allocation of resources and production decisions, while still allowing for private ownership of businesses and the pursuit of profit. In this system, the government sets production targets, determines resource allocation, and regulates prices and wages. However, private individuals and businesses are still able to own and operate enterprises, and market forces of supply and demand can influence economic activities to some extent.