ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Centrally planned economies are also known as command economies, where the prices are controlled by a centrally managed bureaucracy. The theory behind centrally planned economy is that the government will take control of the means of production and run the economy with fair distribution to all.

Detailed explanation-2: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.

Detailed explanation-3: -A command economy, also known as a planned economy, is one in which the central government plans, organizes, and controls all economic activities to maximize social welfare. Command economies, as opposed to free-market economies, do not allow market forces like supply and demand to determine production or prices.

Detailed explanation-4: -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-5: -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.