A socialist economy is also commonly described by which alternative name?

1. In socialism resources are allocated by commands of a central planning authority. 2. Because of this it is called a command or centrally planned economy. 3. So 'centrally planned economy' is the correct alternative name. 4. Laissez-faire, free-market and profit-driven all describe capitalism, eliminating them. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 1 Unit II "Basic Problems of an Economy and Role of Price Mechanism", p.5_