ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The government makes economic decisions for the good of society. In a pure command economy, all resources are owned by the government, so the government can direct them to produce what is best for society as a whole, rather than what might be in the interests of private individuals.

Detailed explanation-3: -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-4: -In a Centrally Planned Economy, the three aspects of Ownership, Production, and Allocation are all controlled by the government or the central planning authority.

Detailed explanation-5: -Answer and Explanation: Command Economy is an economic system in which the government makes all the economic decisions. A command economy refers to the economic situation where the public body or the government owns the production in an economy. The central authority controls the production in the economy.