BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Detailed explanation-2: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.

Detailed explanation-3: -A centrally planned economy is an economic system in which the government controls the production and distribution of goods and services. In this type of economic system, government favors the elimination of private property and promotes a common or collective ownership ideology.

Detailed explanation-4: -Central planning denotes the total body of government actions to determine and coordinate directions of national economic development.

Detailed explanation-5: -Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production. East Germany, North Korea, and the former Soviet Union are all examples of command economies.