USA HISTORY

Detailed explanation-1: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.

Detailed explanation-2: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.

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: -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-5: -Under the command economy, the government exercises the most control for the factors of production such as capital, labor, entrepreneurship and land.