What type of economy is characterized by economic resources owned and controlled by the state?

A planned economy is one where the government or a central authority has significant control over the ownership and distribution of resources. In this system, the state determines what goods and services are produced, how they are produced, and for whom they are produced. This central planning aims to meet the needs of society as a whole rather than relying on market forces or individual entrepreneurs to dictate production and distribution.

In contrast, market economies utilize consumer and producer interactions in open markets to determine resource allocation, while mixed economies blend elements of both planned and market systems, allowing for some degree of private enterprise alongside governmental control. Private enterprise economies focus primarily on private ownership with minimal state intervention. Thus, the defining characteristic of a planned economy is the state's ownership and control of economic resources, distinguishing it clearly from the other types.