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.

Detailed explanation-2: -In a command economy, the government (or some other central authority) controls and steers major aspects of economic production. The government decides the means of production and owns the industries that produce goods and services for the public.

Detailed explanation-3: -A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.

Detailed explanation-4: -The decisions in a command economy are made by the government. In command economies, the government tends to delegate the decisions about production and distribution to committees that meet to determine how the market should function.

Detailed explanation-5: -The government (1) provides the legal and social framework within which the economy operates, (2) maintains competition in the marketplace, (3) provides public goods and services, (4) redistributes income, (5) cor-rects for externalities, and (6) takes certain actions to stabilize the economy.