ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-4: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.