In a planned economy, prices of commodities are controlled by

Finance Dec 19, 2020

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In a planned economy, the prices of commodities are controlled by the government. This type of economy is also called a command economy. The government regulates every aspect of the economy, including who owns businesses, what prices are set for all the various commodities, who is able to buy and sell different commodities, and who is able to make hiring decisions within businesses. Communist governments are one example of a type of government that uses planned economies.

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