GENERAL KNOWLEDGE

Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.

Detailed explanation-2: -A command economy is one in which a centralized government controls the means of production and determines output levels. Command economies stand in contrast to free-market economies, those in which the law of supply and demand determines output and prices.

Detailed explanation-3: -A command economy is a system where the government has total control over the economy it reigns over. Characteristics of this economy include governmental control of wages and pricing, limited property rights, government ownership of key businesses and industries, and robust black markets.