Planning Is the Act of Determining the Organization's Goals and Defining

question 88

True/False

Planning is the act of determining the organization's goals and defining the means for achieving them.

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Definitions:

Command Economy

An economic system where the government controls the major aspects of production, distribution, and exchange of goods and services.

Central Planning

An economic system where all major production, investment, and distribution decisions are made by a central authority, typically the government.

Free Enterprise

An economic system in which private businesses operate in competition and largely free of state control, with minimal government intervention.

Price Mechanism

The method through which changes in supply and demand cause prices to increase or decrease, directing how resources are distributed in a market-based economy.