An economic system where the central planning authority determines what goods to produce and in what quantity is known as

A socialist economy is an economic system where the central planning authority determines what goods to produce and in what quantity. In a socialist economy, the means of production are owned by the state or by the workers collectively. The state decides what goods and services are needed, how much to produce, and how to distribute them. Prices are set by the state, and there is little or no competition between producers. The aim of a socialist economy is to provide for the needs of all members of society, with a focus on meeting basic needs rather than on generating profit.