Question

What are the characteristics of economic planning?

Answer 1

Characteristics of economic planning are that it has predetermined and well defined goals.In this The central authority has the control,there is equal distribution of resources,the goals set are completed within specific period of time,Increase the production and employment and also reduce the population growth so its should not overtake the production. The economic activity (production, distribution, consumption) should outside the market mechanisms. Economic planningis done for social and economic development.