<P> The level of centralization in decision - making in planning depends on the specific type of planning mechanism employed . As such , one can distinguish between centralized planning and decentralized planning . An economy primarily based on central planning is referred to as a planned economy . In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements . Planning may also take the form of directive planning or indicative planning . </P>
<P> The level of centralization in decision - making in planning depends on the specific type of planning mechanism employed . As such , one can distinguish between centralized planning and decentralized planning . An economy primarily based on central planning is referred to as a planned economy . In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements . Planning may also take the form of directive planning or indicative planning . </P>
a centrally planned economy most often refers to an economic system that is under comprehensive
a centrally planned economy most often refers to an economic system that is under comprehensive
plan of production which specifies output requirements
plan of production which specifies output requirements