ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Command Economies: In a command economy, governmental planning groups make the basic economic decisions. They determine such things as which goods and services to produce, their prices, and wage rates. Cuba and North Korea are examples of command economies.

Detailed explanation-2: -In a command economy, the government (or some other central authority) controls and steers major aspects of economic production. The government decides the means of production and owns the industries that produce goods and services for the public.

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: -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-5: -In a command economy, governments own the factors of production and set prices and production schedules. In a market economy, prices are set by supply and demand. Most nations operate largely as a command or market economy but all include aspects of the other.