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: -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: -A command economy, also known as a planned economy, is one in which the central government plans, organizes, and controls all economic activities to maximize social welfare. Command economies, as opposed to free-market economies, do not allow market forces like supply and demand to determine production or prices.