WORLD HISTORY

Detailed explanation-1: -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-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: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The most important originators of communist doctrine were Karl Marx and Frederick Engels.

Detailed explanation-4: -A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale. It also determines investments and incomes.