MANAGEMENT

Detailed explanation-1: -When a country’s central government decides the approximate production levels of different goods and also sets their prices, it is known as a command economy or planned economy .

Detailed explanation-2: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.

Detailed explanation-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-4: -In a command economy, the government (or some other central authority) controls and steers major aspects of economic production. The government decides the means of production and owns the industries that produce goods and services for the public.