A controlled economy refers to a system where the government has a significant amount of control over the production, distribution, and pricing of goods and services. Various terms are used to describe a controlled economy, including planned economy, command economy, and centralized economy. A planned economy emphasizes centralized decision-making and government control, while a command economy emphasizes the government's role in directing economic activity. Centralized economy implies a centralized planning system, while a controlled economy underscores the idea that the government restricts the functioning of the free market. Regardless of the term used, this type of economy typically involves extensive state intervention and regulation.