ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production. Private ownership of land and capital is nonexistent or severely limited.

Detailed explanation-2: -Definition. 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: -Different Types of Economies in the World There are four main different types of economies: traditional economies, market economies, command economies, and mixed economies.

Detailed explanation-4: -A command economy is an economic system where the government has control over the production and pricing of goods and services.