Question

Economic planning is best defined as:

Options

• Long-term planning that extends beyond five-year cycles

• A coordinated approach to achieving set goals over a defined period

• State ownership of all means of production

• Market-driven allocation of resources among private owners

Answer 1

Economic planning refers to a coordinated approach to achieving set goals over a defined period. It is distinct from perspective planning, which involves long-term planning beyond five-year cycles.