WAEC Economics 2011 Theory — Question 7

Question 7 of 25 from the West African Examinations Council (WAEC) Economics 2011 Theory paper, with the correct answer and a full explanation.

3(a) What is centrally planned economy?

Model answer

A centrally planned economy is also known as a socialist economic system. It is one in which ownership and control of the means of production are done by the state. Decisions about production and distribution are made at the centre by the government.

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