ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -know? Ans1. According to the features of Command economy: The government or other central authority makes all economic decisions.

Detailed explanation-2: -Command Economies Explained 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-3: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.

Detailed explanation-4: -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-5: -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.