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: -1 Its current system has been described as a socialist market economy. The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.

Detailed explanation-3: -A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. It doesn’t rely on the laws of supply and demand that operate in a market economy. A command economy also ignores the customs that guide a traditional economy.

Detailed explanation-4: -Socialist economy It is the system under which the economic system is controlled and regulated by the government.

Detailed explanation-5: -Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.