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.