ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The concept of command economy has been introduced to abolish over-taxation of products and services. As the name suggests, in a command economy, the government takes all the economic decisions.

Detailed explanation-2: -1-Socialist system is also known as controlled economic system. 2-Countries like England, India, and France follow socialist system.

Detailed explanation-3: -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-4: -A command economy is characterized by the most government control over the economy.

Detailed explanation-5: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.