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.

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: -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.

Detailed explanation-4: -Government Controls Production in Command Economy The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.

Detailed explanation-5: -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.