Centrally Planned Economy: Definition & Features
Posted inEconomics

Centrally Planned Economy: Definition & Features

A centrally planned economy is an economic system in which economic decisions are made by the government of a country through a central economic planning bureau. It is also called a command economy and is associated with a socialist or communist economic system.
Traditional Economic: Definition, Features, Pros & Cons
Posted inEconomics

Traditional Economic: Definition, Features, Pros & Cons

Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.