Planned Economy and Unplanned Economy.
Distinguish between:
Planned Economy and Unplanned Economy.
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| Planned Economy | Unplanned Economy |
| (i) In a planned economy all economic decisions are taken by the central planning authority. | (i) In an unplanned economy all economic decisions are taken by market forces of demand and supply. |
| (ii) Indian economy adopted economic planning in 1950. | (ii) American economy is an unplanned economy. |
| (iii) Goals/objectives are predetermined. | (iii) Objectives/goals are not predetermined. |
| (iv) Resources are used deliberately so there is no possibility of wastage of resources. | (iv) There is a possibility of wastage of resources. |
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