ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A command economy is one where production and employment is largely dictated by a central authority, such as a national government. Often associated with communist regimes, a command economy focuses on macroeconomic objectives while individual economic freedom is often limited.

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. The most important originators of communist doctrine were Karl Marx and Frederick Engels.

Detailed explanation-3: -Communism is thus a form of socialism-a higher and more advanced form, according to its advocates.

Detailed explanation-4: -The Father of Communism, Karl Marx, a German philosopher and economist, proposed this new ideology in his Communist Manifesto, which he wrote with Friedrich Engels in 1848.

Detailed explanation-5: -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.