Mastering Economic Planning

A method to determine the value of goods and services in an economy.

A process of setting goals and making decisions for the allocation of resources in an economy. (correct)

A strategy to maximize profit in a free market economy.

A system where the government controls all aspects of the economy.

To ensure efficient allocation of resources. (correct)

To eliminate competition in the market.

To maximize government control over the economy.

To promote individual profit-making.

It can be practiced in both market and command economies. (correct)

It is only applicable in socialist economies.

It is primarily focused on individual profit-making.

It leads to inefficiency and lack of innovation.