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Government Central Planning
A system where the government makes all decisions on the production and distribution of goods and services.
Centrally Planned
An economic system where major decisions regarding production, distribution, and investment are made by the government or a central authority.
Socialist Economy
An economic system in which the means of production, distribution, and exchange are owned or regulated by the community as a whole, with an aim toward equitable distribution of wealth and resources.
Norway
A Nordic country in Northern Europe known for its advanced economy, high quality of life, and robust welfare system.
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