ENTREPRENEURSHIP

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. Private ownership of land and capital is nonexistent or severely limited.

Detailed explanation-2: -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-3: -The federal government regulates and controls the economy through numerous laws affecting economic activity. These range from laws enforcing private property rights to laws promoting competition among businesses.

Detailed explanation-4: -The central feature of a pure command economy is government control. Rather than letting market forces dictate the production of goods and services, the government determines economic priorities and controls production and pricing.