ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-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: -Communism. Communism is a form of socialism based on the writings of German philosopher and economist Karl Marx. In a fully realized communist society, all property and goods are commonly owned by a society without government or class divisions.

Detailed explanation-4: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.