Economic planning refers to the process by which governments or organizations outline strategies to manage and allocate resources effectively. This involves setting goals for economic growth, employment, and stability, while considering factors like inflation and public welfare. Economic planning can be short-term or long-term, depending on the objectives and the specific needs of the economy. There are various types of economic planning, including centralized planning, where a government makes all decisions, and market-based planning, which relies on supply and demand. Effective economic planning aims to optimize resource use, improve living standards, and promote sustainable development within a society.