BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Dictatorship: These are countries where the authority of one person controls the government. They also work in a command economy where the government controls many business sectors. For example, some middle east countries like Egypt, Iran, Libya, etc., run under a dictatorship.

Detailed explanation-2: -A command economy does not allow market forces like supply and demand to determine what, how much, and at what price they should produce goods and services. Instead, a central government plans, organizes, and controls all economic activities, discouraging market competition.

Detailed explanation-3: -So government owned the land, government owned the businesses, and government even told people what their occupations would be. Historically, command economies were associated with a political system known as communism, where the goals of society as a whole were given priority over individual goals.

Detailed explanation-4: -Which statement describes a disadvantage of a command economy? Nothing stops the government from producing things that people don’t need or want.

Detailed explanation-5: -Which statement best describes a command economy? The government determines economic choices and makes most decisions.