Central planning involves the strategic development and coordination of organizational activities by a designated central agency. This approach limits communication and spontaneity but facilitates streamlined coordination within the organization.
A command economy is an economic system where supply, demand, and the prices of goods and services are regulated by a central authority, often the government. This centralized control typically aims to manage a society's economy to ensure equal distribution of resources, rather than relying on market forces.
A planned economy is one where government planning dominates the direction of economic activity, and market forces play a minimal role. Typically associated with socialist and communist economies, as opposed to capitalist economies where market forces are more influential.
