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Economic system characterized by a central authority which makes major economic decisions

User Yanhong
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Answer:

The name of this economic system is: Command Economy .

Step-by-step explanation:

The Command Economy, also called centrally planned economy, is an economic system which one central authority (the government) makes economics decisions on things like distribution and productions of goods; prices usually set by price controls rather than market economies (businesses and consumers forces).

User Atilla
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