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Centrally planned countries, also referred to as command or planned economies, are run and managed by the government. The government controls the whole country and decisions involving the country are made amongst themselves. They own most resources of the country, like land and natural resources, e.g. oil. The government decides what sorts of goods and services to produce and how they are priced and allocated in the economy. As a result, consumers do not have a choice of products to choose from and also no unnecessary products are imported, as the government provides all the essential goods and services for consumers. What's more, factories within a planned country are given output production targets by the government to ensure efficiency and also the necessary resources. Workers are often given evenly spread out incomes, not taking in account of what jobs they do; the government tries to balance equality amongst people by...

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