What type of economic system entails business ownership, profits, and resource allocation shaped by plans to meet government goals?

The type of economic system characterized by business ownership, profits, and resource allocation determined by government plans to meet specific goals is indeed a planned economy. In this system, the government plays a crucial role in controlling various aspects of the economy, including production, investment, and prices, with the aim of achieving certain economic and social objectives. This contrasts with a market economy, where decisions are primarily made based on supply and demand, allowing for minimal government intervention.

In a planned economy, the government's directive shapes economic activities, leading to the establishment of industries and the distribution of resources based on strategic plans rather than market forces. This system can lead to a focus on collective goals, such as reducing inequality or ensuring that basic needs are met, rather than individual profit maximization.

Understanding the structured nature of a planned economy helps clarify its difference from mixed and capitalist economies, where private ownership and market-driven forces play a more significant role, even if the government has some regulatory influence.