According to Phillips and Rozworski, economic planning is when:

Question

According to Phillips and Rozworski,  economic planning  is when:

Answer

The
government sets prices and production quotas for the whole economy

Answer

Different people coordinate their production and consumption with one another to make these activities more efficient and predictable

Answer

Scarce resources are allocated to those who are willing to pay the highest price

Answer

Different people
compete to produce a commodity for the lowest possible price

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