What refers to public ownership of means of production and central planning of the economy?

The term that refers to public ownership of the means of production and central planning of the economy is known as a planned economy. In a planned economy, the government typically controls and regulates all major industries and sectors, making decisions about production, investment, and distribution of goods and services. This system contrasts with market economies, where decisions are primarily made by individuals or businesses through the mechanisms of supply and demand.

In a planned economy, the focus is on achieving specific economic goals such as equal distribution of wealth, providing basic needs to the population, and minimizing unemployment. Central planning involves comprehensive government oversight, which aims to achieve these economic objectives effectively and efficiently. This system can often be found in socialist or communist countries, where the philosophy emphasizes collective ownership as opposed to private ownership found in capitalist economies.

The other options present alternative economic systems that either emphasize individual ownership and market dynamics (market economy and capitalist economy) or are based on historical customs and traditions (traditional economy). Each of these does not align with the characteristics of public ownership and central planning that define a planned economy.