ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices.

Detailed explanation-2: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-4: -Using complex computer models, government workers make output and supply decisions and businesses fulfill orders. In a command economy, the government owns the factors of production; all decisions about land, labor, and capital are made by the state.

Detailed explanation-5: -In communist nations, government makes all economic decisions; owns the land, natural resources, industry, banks, and transportation system; and controls all mass communication.