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Discuss the major classifications of forecasting methods.
Centrally Planned Economies
Economic models in which all decisions about what to produce and how to distribute goods and services are made by the government or a central body.
Resource Allocation
The process of assigning and distributing available resources to various uses in the most efficient way.
Innovation
The process of creating new products, processes, or ideas that bring value to society, businesses, or individuals.
Central Planning
An economic system where the government makes all decisions on the production and allocation of goods and services.
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