ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A centrally planned economy or a command economy is one where the price and allocation of resources, goods and services is determined by the government rather than autonomous agents as it is in a free market economy.

Detailed explanation-2: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Detailed explanation-3: -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-4: -Centrally planned economy: (aka command economy) Government decides everything. Example: communism. Mixed economy: Market-based economy where government plays a limited role.

Detailed explanation-5: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.