BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -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-2: -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-3: -Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services. The government is the central planner.

Detailed explanation-4: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.

Detailed explanation-5: -In a socialist society the government decides what goods are to be produced in accordance with the needs of society. It is assumed that the government knows what is good for the people of the country and so the desires of individual consumers are not given much importance.