A planned economy is a type of economy that decides what is produced, along with how much is produced. In a planned economy, the government or a central authority makes decisions about production and distribution of goods and services. This type of economy is characterized by centralized decision-making and a high degree of government control over economic activities. Planned economies are often associated with socialist or communist systems, where the goal is to achieve greater economic equality and to provide basic necessities for all citizens. However, there are also some non-socialist countries that have implemented planned economies, such as China.