A planned economy is an economic system where the government or a central authority makes all decisions about the production and distribution of goods and services. This means that the government decides what to produce, how much to produce, and at what price to sell it. The goal is to allocate resources efficiently and meet the needs of the population. In a planned economy, there is little to no competition, as the government controls most, if not all, businesses. Examples of planned economies include those in Cuba and North Korea. These systems often aim to reduce inequality and provide basic needs for all citizens.