Benchmark 7E
Human Society: Political and Economic Systems
Grades 6-8, page 169

In a central-planning model, a single authority, usually a national government, decides what to produce, how to produce it, and for whom. In a free-market model, consumers and producers (individually or in organizations) make these decisions based on what they believe will benefit themselves. No real-world economy is a pure example of either model; all economies have some features of each kind.

No closely related standards have been identified.