"Every Economy Is Based on 'Planning' of One Sort or Another

question 5

Essay

"Every economy is based on 'planning' of one sort or another." Interpret and explain.

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Definitions:

Concentration

Concentration refers to the amount of a substance per defined space; it is a measure of how much of a solute is dissolved in a specific amount of solvent.

Exothermic

Describes a chemical reaction that releases heat into its surroundings.

ΔS°

The standard entropy change of a system, measuring the change in disorder or randomness during a chemical process under standard conditions.

ΔH°

Denotes the standard enthalpy change of a reaction, measured under standard conditions (1 atm, 298.15 K).