ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-3: -Under a command economy, governments own the factors of production such as land, capital, and resources, and officials determine when, where, and how much is produced. This is also sometimes referred to as a planned economy.

Detailed explanation-4: -Communism is an economic system in which the central government directs all major economic decisions. Socialism is an economic system in which the government owns the basic means of production, distributes the products and wages, and provides social services such as health care and welfare.

Detailed explanation-5: -The means of production are owned and managed by private players in a capitalist economy, by the government in a socialist economy, and by both private players and the government in a mixed economy. Countries like China and Russia have a socialist economic system.