What is the name of the economic system where the government, or another central administration, regulates supply and prices?

It is called centrally-planned economy or command economy

Answered by Vladislav | 2024-06-10

A command economy, also known as a centrally planned economy, is an economic system where the government regulates supply and pricing, owning and controlling the production of goods and services. Decisions on production, pricing, and distribution are centrally managed to meet the needs of the population. This system contrasts with a market economy, where individual choices drive economic decisions.
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Answered by Vladislav | 2024-12-26