who makes key decisions in a centrally planned economy
Planned economy Planned economies are usually associated with Soviet-type central planning, which involves centralized state planning and administrative decision making.[5] In command economies, important allocation decisions are made by government authorities and are imposed by law.[6] Planned economies are held in contrast to unplanned economies, specifically market economies, where production, distribution, pricing and investment decisions are made by autonomous firms operating in markets. Market economies that use indicative planning are sometimes referred to as “planned market economies”.
Macroeconomics Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies.[1] Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics.[2] In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets.