Answer:
A Planned economy, also known as a command economy, is an economic system in which the state directs the economy. The central government controls industry such that it makes all decisions regarding the production and distribution of goods and services.
A planed economy is usually directed by central economic plan which is either put in place or influenced by the government. In a Planned economy the planners decide what should be produced and direct lower-level enterprises to produce those goods in accordance with national and social objectives.
The Soviet Union, China, and India were all planned economies in the past.