Planned Economy (Socialism) Key industries(e.g, transportation, utilities, and banking) are owned and controlled by the government Small-scale private businesses may be permitted and workers may choose their own occupations Production is based on national goals, and distribution is controlled by the state Intent is the equitable distribution of income elimination of poverty, social services to all who need them, elimination of the economic waste of capitalistic competitionPlanned Economy (Socialism) ◼ Key industries (e.g., transportation, utilities, and banking) are owned and controlled by the government ◼ Small-scale private businesses may be permitted and workers may choose their own occupations ◼ Production is based on national goals, and distribution is controlled by the state ◼ Intent is the equitable distribution of income, elimination of poverty, social services to all who need them, elimination of the economic waste of capitalistic competition