ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is a Command Economy? Command economy is a system where the government decides goods production, process, quantity, and price in a country. In this system, the government also manages income and investments.

Detailed explanation-2: -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-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: -A command economy is one in which a centralized government controls the means of production and determines output levels. Command economies stand in contrast to free-market economies, those in which the law of supply and demand determines output and prices.

Detailed explanation-5: -A command economy is an economic system where the government has control over the production and pricing of goods and services.