GENERAL KNOWLEDGE

Detailed explanation-1: -Command economy, which is also known as the planned economy, is the type of economy in which prices, income, production, investment, etc. everything is determined centrally by the government.

Detailed explanation-2: -Planned economies contrast with command economies in that a planned economy is “an economic system in which the government controls and regulates production, distribution, prices, etc.” whereas a command economy necessarily has substantial public ownership of industry while also having this type of regulation.

Detailed explanation-3: -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.